Scammers claiming to be with the Social Security Administration
If you have watched the late night news over the past few years, you likely are aware that government imposter scams are skyrocketing. Since 2014 consumers have reported losses of more than $450 million as a result of these scams. In the first half of 2019, the Federal Trade Commission has received more than 200,000 complaints from people who were contacted by someone falsely claiming to be from the Social Security Administration, Internal Revenue Service or another governmental entity.
Scammers claiming to be with the Social Security Administration are the latest of these government imposters. One of the latest scams involves a call from someone purporting to be from Social Security, and falsely contending that your Social Security account has been frozen or compromised. The aim of these calls is to steal your money or your personal information. If you receive a call like this, you should hang up immediately.
Have you ever wondered what the best time is to start collecting Social Security –
should you do it as soon as you turn 62? Or, does it make more sense to wait until your
“full retirement age” (either 65, 66 or 67, depending on when you were born)? Or, are
you better off waiting until age 70?
There’s a big financial advantage for those who wait. For each year past your full
retirement age that you can put off applying for Social Security, your monthly check will
increase by 8 percent.
For example, let’s say you aim to retire next month at 62, having worked 40 years and
ending up with a final salary of $80,000. Your benefit would come to around $1,455 a
month, according to Social Security’s website. But if you could wait and keep working
until 66, your full retirement age, you’d get $2,074 a month. And, if you can wait till age
70, your benefit would be $2,833 — almost double the check you would get at 62.