HATTIESBURG, MS (WDAM) - People in the Pine Belt either retired or approaching retirement got an opportunity to learn more about the process of filing for social security benefits.
Michelle Mabry with Client First Advisory in Hattiesburg held a workshop for citizens to gain more in-depth knowledge on how to retire comfortably.
She told WDAM about how some folks in the area could be missing out on critical resources.
“You can often leave money on the table so people need to understand all of their options and it’s different if you’re married or divorced or widowed and when you don’t understand what all of your options are, you might not be claiming correctly,” said Mabry.
Mabry explained that a large majority of people don’t claim at the right age.
“The number one age people claim at is age 62. The second is age 66 is now for retirement age,” Mabry said.
Collecting benefits early could be very costly. According to Mabry, 70 is the most beneficial age to begin collecting social security benefits.
“Only 2 percent of men and 4 percent of women claim social security at age 70 and the difference between age 70 and age 62 is you’re going to take a 76 percent reduction in your social security benefit. So, you’re talking about locking yourself into a lower income for the next 30 years possibly,” said Mabry.
In her workshop Mabry emphasized the importance of getting properly advised before filing instead of depending on the social security administration to lead you in the right direction.
“Going to the social security office to ask them what the best strategy is, often you might not get the best answer. It’s kind of like going to the IRS and asking them how much taxes you should pay, what’s the least amount to pay,” Mabry said.