If you’re like most seniors, your retirement income will be dominated by Social Security payouts. Approximately fifty percent of older Americans rely on Social Security for at least fifty percent of their income, and twenty-five percent rely on it for ninety percent.
More than one million French citizens protested a rise in the normal retirement age, which would increase the age from 62 to 64. A similar conflict may be quietly simmering in Washington, D.C., in the United States.
A hefty cost-of-living increase for Social Security won’t fully protect against rising inflation; some individuals realized they needed to save more, and others discovered that retirement was no longer engaging.
The advantages of marriage extend beyond love and friendship. In certain circumstances, marriage might increase Social Security benefits. If you remain married for at least ten years, these benefits may survive a divorce.
However, if you can wait until your FRA, it may be worth waiting just a little longer before collecting your Social Security payments. Here’s what you need to do for an additional 24% from Social Security.
It is never too early to start thinking about retirement. However, as you get closer, you need to start considering when you want to retire. It is important to do this so that you can maximize your Social Security benefits.
Changes to Social Security in 1983 have gradually moved to change concerning FRA. As the graph beneath shows, this is the point at which you arrive at full retirement age, given the year you were born. 1943-1954 – 66 1955 – 66 and two months 1956 – 66 and four months 1957 – 66 and a half year 1958 – 66 and eight months 1959 – 66 and 10 months 1960 or later – 67 …