Social Security benefits can be locked in for life if you claim early.
According to a recent survey, many Americans are planning to claim early.
42% of respondents plan to file for Social Security benefits early, up from 36% who said the same in 2021.
26% of baby boomers who aren't currently receiving Social Security plan to file for benefits early while still working. 39% of baby boomers who are not getting Social Security checks will start before their full retirement age.
Between April and May, the poll was conducted with over 1,700 people.
Less than 1% of people got a perfect score on the Social Security quiz.
Depending on the year in which the person was born, full retirement age is 66 or 67. Only a small percentage of survey respondents correctly identified the age when they will be able to get all of the benefits they have earned.
It has its advantages.
According to the Social Security Administration, those who claim retirement benefits at the earliest possible age of 62 may see a reduction in their benefits.
Some of their benefits may be taken away if they work before retirement. More than half of respondents are aware of the reduction.
Baby boomers and Gen Xers are more likely to believe that the economy is getting worse.
"Inflation at 40-year highs and certainly watching their investments fluctuate is creating a significant amount of pessimism and concern and fear that they are never going to see a dime of what they have put into Social Security."
Survey respondents worry that Social Security will run out of money in their lifetimes.
According to the Social Security Administration, the program's funds will run out in twenty five years. 80% of benefits will be paid at that time.
According to Nationwide, 20% of non-retired Americans plan to delay their retirement dates compared to 15% in 2021.
The number of people who said they are re-examining their retirement plans because of the Pandemic has increased.
Many people seek guidance from their local Social Security office, but a better approach is to consult a financial professional who can help identify the best strategy for their situation.
When things are up, and you don't know which way they're going to go, education and working with someone who can help make good choices is so important.
The Social Security cost-of-living adjustment was the largest in decades this year due to high inflation.
According to a survey, most Americans don't know that Social Security benefits are protected from inflation.
The government's inflation data shows that prices have continued to go up.
The Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers to calculate the annual cost of living adjustment.
The Senior Citizens League is estimating the Social Security cost-of-living adjustment to be 10%. It would increase the retirement benefit by $175.10 per month.
There are still many months of data to come before the official adjustment is made. Next year's inflation is expected to be a record high.
The inflation protection offered by cost-of-living adjustments isn't the only thing that Social Security people are behind on.
The maximum benefit a person can receive is determined by a number of factors, including age, benefit start date and marriage status.
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