Top seven mistakes when claiming Social Security benefits by Paula McMillan
Paula McMillan recently authored an article published on TheTaxAdviser.com. Below is an excerpt of the article with a link to the full post.
At a recent AICPA conference, three CPA tax practitioners, including the author, engaged in a conversation about client services, noting in particular that all were fielding more questions from clients about timing strategies for claiming Social Security retirement benefits. Two of the CPAs heartily offered that they always advise clients to begin claiming benefits as early as possible — age 62.
Their responses were surprising for two reasons. First, the word “always” rarely applies when discussing Social Security benefits. Second, it is less common that an analysis would support beginning benefits at age 62, except when there is only one record to consider. Interestingly, when the author mentioned this conversation to another CPA, that CPA quickly commented that those CPAs were mistaken, stating that she always tells her clients to delay claiming until age 70 to maximize their benefits.
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