Most people of the working class feel anxious over the thought of retirement. However, many retirees can sort enough monthly income to live comfortably through retirement accounts and Social Security payments.
$1,500 is the average amount of Social Security benefits per month that a citizen collects after retirement.
How will pandemic affect Social Security?
With an Inflation of six percent in just the past 12 months alone, prices surged in almost every major category. For example, grocery prices have surged upwards of 12%.
To keep it straight, Inflation remained near zero for the better part of the last decade, and in less than a year, but with prices soaring up, depending upon Social Security would be difficult.
To counter this problem, the United States of America government has alleviated 2022’s cost-of-living adjustment to 5.9%.
This is the largest COLA in over 40 years.
Timing is everything in Social Security!
The earliest age is 62 to file for Social Security benefits, the latest being 70.
To your surprise, depending on your benefit amount and the age you begin with distributions, you could almost double the Social Security benefits you receive each month.
How? if you decide to wait, you can use delayed retirement credit
Delayed retirement credits are the financial reward Social Security gives you for putting off claiming your retirement benefit. This means you will receive less if you take benefits earlier and more if you wait longer.
Talking in figures, an average benefit amount of $1,500 could now be reduced to $1,050 if you retire at 62. If you file your social security benefits at 70, that check will increase to $1,888!
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