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There’s Good News and Bad News for Future Retirees When It Comes to Social Security| Latest Updates!

_Good News and Bad News for Social security

You won’t be eligible for Social Security retirement benefits until you turn 62 if you work long enough. You should understand how these future retirement payments function and what they can accomplish for you in your golden years.

There’s good news and bad news about a key Social Security rule that influences the size of your benefit checks.
Beginner’s luck. In recent years, each new set of Social Security beneficiaries has had to wait longer than the previous cohort to receive their full standard amount.

Your standard benefit is the amount of Social Security retirement income based on your 35 highest-earning years.

Primary insurance amount (PIA). You’ll only get your PIA if you claim your first benefit at a certain age.

The age is called your full retirement age (FRA).

FRA is 67 for individuals turning 62 in 2022 or after. For those born before then, FRA was earlier.

In 2021, Fra Was 66 and 10 Months:

For those turning 62 in 2020, it was 66 and 8 months.
In 2019, 62-year-olds got 66 and 6 months.
You may have noticed a pattern. Based on birth year, the full retirement age has been gradually pushed back two months for those born in 1955 or after. Before that, it was 65.

But FRA won’t change after 2022. Everyone turning 62 and eligible for Social Security will have the same FRA of 67.

That means you won’t have to worry about FRA moving and forcing you to wait two months longer than your colleagues.
The terrible news is evident. Future retirees don’t have to worry about FRA shifting later because they’ve already reached the latest potential full retirement age.

Not only may they not claim their entire pension until 67, which is considerably after most people retire, but there are two additional crucial implications.

Working and Collecting Social Security May Affect Benefits:

As soon as you attain FRA, your Social Security benefits are unaffected. But not if you haven’t hit FRA. You lose $1 for every $2 made beyond $19,560, and $1 for every $3 earned above $51,960 if you don’t meet FRA throughout the year. If you want to work and collect benefits at the same time, be aware that these restrictions will affect you later owing to your FRA.

Their Possibilities of Increasing Advantages Are Dwindling:

Like most Americans, you’re behind on your retirement savings. Certain “Social Security secrets” may help you increase your retirement income. For example, one simple method might add up to $18,984 each year! Knowing how to optimise your Social Security benefits could help you retire with the confidence we all seek. Click here to learn more about these tactics.

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