When to Claim Social Security
A financial expert says there is no best age to start Social Security benefits, despite common fears.
Many people fear Social Security will run out. This fear makes some claim benefits early. George Kamel, a Ramsey Solutions expert, says this is not a good plan. He warns against making decisions based on fear, not facts.
The Social Security trust fund faces a deadline. By 2032, it could pay out less. This concerns many future retirees. Kamel understands the worry. Still, he advises against an early claim just because of this date.
Claiming Social Security early means smaller monthly payments. Waiting longer results in bigger checks. For example, waiting until age 70 can significantly boost your benefit. Kamel says to look at your personal finances, not just the trust fund's future.
Look at your health, other savings, and income needs. These factors matter more than a set age. Kamel wants people to make smart choices. Do not let fear guide your retirement plans.
Source: Fox Business