Social Security: What You Need To Know

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. 

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

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. 

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.

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). 

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.

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.

Swipe Up

for more finance, business, and real estate advice

Read More

Should You Plan on Working Past Retirement?

Evening Part Time Jobs Online (That Can Pay Pretty Well!)