Financial experts: Look out for 2020 social security cuts

SALISBURY, Md. – If you’re turning 62 this year and plan on collecting your retirement benefits from your social security you may want to listen up before you make any decisions. 47 ABC reached out to a local financial planner who says it’s critical that you know all the facts now before you get that check. The biggest thing is that the full retirement age has now risen to 66 years old. so if you collect your benefits at 62 you’d be getting a lot less than if you’d waited until you were older. Experts say that’s because due to financial uncertainties back in the ’80s, United States lawmakers imposed new laws that would reduce how much money those heading into early retirement would get.

“We think that many people make the mistake of taking it early, everybody’s situation is different. It’s basically an irrevocable decision. There is an opportunity in the first year to go back and change but after that, there is not. And even that I believe is somewhat limited,” said Certified Financial Planner, Bruce Robson.

And if you would like to learn more about how you may be affected this year click here, for more information.

 

Categories: Local News, Maryland