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Released: July 16, 2011
What can you expect from Social Security
Source: Michelle Singletary, Washington Post
People are scared. As President Obama and congressional leaders continue to fight over how to reduce the federal deficit, people are rightly concerned about what they can expect to get from Social Security. Right now, you can take an early payout at 62, but you get a reduced monthly amount. If you wait until your full retirement age, you get more in your monthly benefit. Wait even later, until you’re 70 and you qualify for the maximum payout, and the monthly check is even higher. More than half of those claiming retired-worker benefits in 2009 elected to receive them as soon as they turned 62, according to AARP. The budget talks have certainly made what was always a complicated decision even harder. People are increasingly asking if they should claim their Social Security as early as possible, fearing future payouts won’t be what was promised.Read Full Article: What can you expect from Social Security
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