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After 2020, Some Retirees Won’t Be Able to Increase Their Social Security Benefits as Much

February 19, 2020

From the Motley Fool website

Many retirees rely on Social Security in their later years. Since these benefits are designed to replace only about 40% of pre-retirement income, the amount you receive isn’t always high. You can, however, find ways to increase it.

One of the easiest and most effective ways to boost your Social Security benefit is by waiting to claim it as long as possible. While you could start getting checks at 62, this would reduce the amount you get. If you wait until age 70, on the other hand, you max out your monthly income.

Unfortunately, after 2020, new retirees won’t be able to grow their incomes as much by waiting as they could this year and in prior years. Here’s why.

As always with Motley Fool articles, the last paragraph, “The $16,728 Social Security bonus most retirees completely overlook” is a lead-in advertisement.

Thanks to Gordon Lau for sharing this information

From → Finance

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