When to Claim Social Security

Many people worry about Social Security. They hear news about its future. This fear can make them claim benefits early. George Kamel, a financial expert at Ramsey Solutions, says this is often a mistake. There is no special age to start taking money. He says people should make smart choices, not act from fear.

The Social Security trust fund might run low by 2032. This date worries many. But it does not mean Social Security will disappear. It means the system could pay out less than 100% of benefits. This is a big problem Congress needs to fix. Still, the program will likely continue in some form.

Kamel wants people to plan. He says waiting to claim benefits often gives you more money each month. This extra money lasts your whole life. It is like getting a raise for waiting. He suggests looking at your health and other money sources.

Think about your own situation. Do not just follow what everyone else does. Talk to a financial advisor. They can help you make a good plan for your retirement money.

Source: Fox Business