Social Security is important for many older people. A report from 2024 found that 43% of baby boomers rely on it for retirement income. The average monthly benefit for retired workers is about $1,925, but this can change based on when you start receiving benefits. Your full retirement age (FRA) is when you collect 100% of your benefits, typically at age 67 for those born in 1960 or later. If you start claiming before your FRA, you may get less money each month. Waiting until after your FRA can increase your benefits. A study showed that filing at age 70 can result in higher lifetime earnings. It’s important to consider your health and financial situation when deciding when to claim benefits. You can also strategize with your spouse for the best outcome. Overall, delaying can lead to higher benefits, but personal circumstances should also be taken into account.
Vocabulary List:
Retirement /rɪˈtaɪərmənt/ (noun): The action or fact of leaving one’s job and ceasing to work.
Benefit /ˈbɛnɪfɪt/ (noun): An advantage or profit gained from something.
Claiming /ˈkleɪmɪŋ/ (verb): Stating that something is the case typically without providing evidence or proof.
Strategize /ˈstrætəˌdʒaɪz/ (verb): Devise a strategy or plan to achieve a specific goal.
Circumstances /ˈsɜːrkəmstəns/ (noun): Facts and conditions affecting a situation.
Delaying /dɪˈleɪɪŋ/ (verb): Causing (something) to happen at a later time than originally planned.
