Why Retirees Should Wait Until 2022 to Claim Social Security!
People in the United States will be 67 years old when they can retire full time in 2022.
That’s true for everyone who will be 62 in 2022.
It may be because of this that some retirees decide to hold off on getting their Social Security benefits until later in life.
Waiting until they reach full retirement age allows them to get the most money from social security.
From the age of 62 onwards, it is possible to start getting Social Security money.
A person who files a claim early only gets a small share of the money.
Claimants who file their claims early will have their monthly checks cut for the rest of their lives.
According to The Sun, if you wait to apply for benefits, you will have more money in your pocket.
In fact, if you wait even longer, the amount of your benefits will go up even more.
Some people choose to work until they are 70 years old before they retire.
When the Social Security Board of Trustees gave its annual report last year, it said that if current trends continue, Social Security won’t be able to pay out full benefits until 2034.
It will be hard for Social Security to pay out after 2034 if the fund’s reserves run out. The income tax that pays for Social Security will only be able to pay out about 78% of the planned payouts.
It should be especially important to young people today.
President Kris Jerke told Barron’s that Ascend Financial has been getting a lot of questions from people who are over 50 about how to save money for their future.
In terms of them and their future, I don’t care as much about Social Security as I do about our 25- to 30-year-olds who have 30 or 40 years to go before they retire.
I tell them to “prepare for the possibility that [Social Security] may not be as important as it was in the past.”
When the benefits run out, some people think Congress will do something – like raise taxes – to make sure they don’t run out.A co-founder and CEO of Social Security Works told Barron’s that “they always act because of the political reality.”