By: Sahil Luthra
The purpose is to support individuals and families to live their life being less affected after retirement.
If you start collecting your social benefits payments at the age of 62 then the amount in your monthly cheque reduces.
The impact on people are a reduction in payment if you claim early, lessor benefits for delaying claim and need to decide carefully about optimal age to start.
For those who are born in 1960 or later the full retirement age will be 67 .
If u start early you will be receive less payments and if you delayed Social Security up to age 70 you will receive higher monthly payments for life.
Reduction in payment if you claim Social Security early,less benefits for delayed claim,need a carefull approach to select the optimal age to start Social Security.
Social Security's annual cost-of-living adjustments will be applied to these reduced payments, resulting in a smaller dollar value of the inflation adjustments as well.
Your monthly Social Security payments can be increased by delaying claiming Social Security after your full retirement age up until age 70.
There are fewer months to delay claiming Social Security and less of an opportunity to earn delayed retirement credits for those who have an older retirement age.
Full retirement age has incresed over the last several years while it has remained same 65 years for the workers who qualified for Medicare.
To boost your monthly Social Security payments some ways can be opted like delaying claiming, continuing to work and coordinating benefits with a spouse.
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