Why Patience Pays When It Comes to Social Security
Social Security is not a set amount for every retiree. Your monthly benefit payment depends upon several factors, namely your work history, earnings history, full retirement age, and claiming age. According to The Motley Fool, your claiming age might be the most important.
As the article explains, while retired worker benefits can be claimed as early as age 62, the Social Security program incentivizes patience. You may not realize it but every year you delay taking your payout, from age 62 to age 70, your monthly benefit can grow by up to 8 percent. To illustrate, they looked at the average Social Security retirement benefit at different ages and found the lowest is at age 62 ($1,274.87), while the highest is at age 70 ($1,963.34). After age 70, the benefit amounts start to slowly reduce.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.
