What to know if you're planning to claim Social Security retirement benefits during Covid-19
People who can justify taking benefit checks early include single men or women who have health issues. Otherwise, everyone should try to delay, particularly high earners who could also trigger higher benefits for their spouses by waiting, Elsasser said.Once you start receiving checks, you have up to one year to
. But you can only do this once in your lifetime. And you must repay all of the benefits that you received.at full retirement age and let them grow up to age 70. But you have to be willing to live without those monthly checks during that time. "Taking benefits for a year and suspending them at full retirement age might be a good way to restore that loss of taking a benefit early," said David Freitag, financial planning consultant at MassMutual.Covid-19 has forced the Social Security Administration to close its field offices. Currently, there is no indication as to when they may reopen.
"We are not able to accept in-person visitors to our local offices at this time, except by appointment for dire need situations," the Social Security Administration said in a statement."Our goal is to continue to serve the American public while doing what we can to reduce the risk to our employees and visitors," the agency stated.If you want help sorting out your claiming decision, there are better resources to turn to, Elsasser said.
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