When to Claim Social Security
A financial expert says there is no perfect age to start your Social Security benefits.
Many people worry about when to start their Social Security payments. But George Kamel, a financial expert with Ramsey Solutions, says not to worry. There is no one "magic age" to claim these benefits. Kamel explains that some people claim early because they are scared. This fear is not a good plan.
Social Security has a trust fund. Some people fear this fund will run out by 2032. This date worries many people. It makes them think about claiming their money sooner.
Kamel suggests a better way to decide. Look at your own money situation. Consider your health and your other savings. These personal facts matter more than a set age.
Waiting longer often means bigger monthly payments. But starting earlier can help if you need the money now. The right choice depends on your personal needs. Make a plan that works best for you.
Source: Fox Business
More from Personal Finance
