Millions of Americans claim Social Security every month, but for those still planning their retirement, they could boost their benefits in the long run.
The average recipient sees over $1,500 per month in benefits.
What you receive depends on various factors.
Each year the Social Security Administration reviews the cost of living and how inflation has impacted it.
It’s supposed to be adjusted to seniors keep their purchasing power, but that didn’t happen this year.
The COLA adjustment was 5.9% for 2022, but the rate of inflation has already surpassed 8% this year.
What you can do to boost your Social Security benefits
There are things seniors could do to see bigger payments each month when they retire.
The best thing to do is to wait as long as you can to claim benefits.
This means even if you’re old enough to file, you should wait as long as you can.
For each year you wait until the age of 70 your benefits will increase.
You can retire at 62, but will lose a percentage of benefits.
Waiting until your full retirement age will give you 100% of your benefits.
Each year between your FRA and 70 you will see around an 8% increase.
This could boost your monthly payment by as much as $800.
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