Social Security: What You Need To Know

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Around 64% of Americans have not saved enough for retirement, and about half of those individuals may have nothing set aside when they reach retirement age.

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The pandemic worsened some grim statistics from a recent GoBankingRates survey. Many people lost their jobs and are months behind on bills.

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With such a large percentage of Americans struggling to save for retirement, it’s clear that many of these individuals will need to work far past the full retirement age.

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Social Security is one of the more confusing areas of personal finance for people, and it can be challenging to determine how to handle the decision of claiming your benefits.

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For those not on disability, you can begin drawing Social Security benefits at age 62 at the earliest (age 60 if a widow or widower).

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However, if you decide to start receiving benefits early, they will be reduced by a small percentage for each month before your full retirement age you take them.

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Full retirement age, or the age at which you’ll receive full benefits for your situation, is age 66 and 2 months for those born in 1955, with a gradual rise to age 67 for those born in 1960 or later.

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Swipe Up

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