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What You Should Know About Social Security: You May Qualify For Benefits!

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The year 2022 has started, and the economic effects of the COVID-19 Pandemic have already been felt by millions of Americans and residents of the United States of America.

Despite the fact that inflation is rising, according to an article from Go Banking Rates entitled: “5 Things Most Americans Don’t Know About Social Security” – a lot of American’s who are eligible for social security benefits are not even aware of this fact, or when the maximum amount they will receive will begin – or even how much they are entitled to… Social security benefits are examined in this article, which aims to inform the reader and determine whether or not they are entitled for additional monthly payments in the form of social security benefits this year and in the years to come. If you’d want to know more, continue reading.

What You Should Know About Social Security: You May Qualify For Benefits!

Exactly What You Should Know

In fact, according to an article on Go Banking Rates, two out of every five individuals don’t even know the maximum Social Security payout age in the United States. As a result, a lack of knowledge in this area might result in many Americans losing out on income when they retire.

The fact that individuals may begin receiving Social Security payments at the age of 62 if they are qualified – but only at the age of 70 can they earn full retirement benefits, is something that many people are unaware of.

In order to use up these additional benefits, however, they may cash in their social security payments early.

More To Read:

A NationWide Retirement survey found that over a third of their respondents were unaware that the Social Security Administration in the United States pays certain spouse and child benefits.

Many participants in a survey found that just 45 percent were aware of the negative consequences of claiming early on in life for social security benefits.

Inflation/COLA

According to Go Banking Rates, Social Security payouts are calculated with inflation in mind and hence are insulated from the impacts of inflation. This is contrary to what a big proportion of the survey participants (37 percent) thought.

Annual adjustments to social security payments are typically based on the cost of living adjustment, or COLA.

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