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3 Sure Ways To Maximize Your Disposable Social Security Benefits In 2022

The year 2021 is finally over. The greatest contraction of the U.S. economy in history has been recorded. COLA has increased by a record amount of 5.9% – the biggest increase its seen in 40 years. Inflation, though, in reality, is even higher.

The Deadline For Renewal Of The Child Tax Credit Passes, Citizens Will Not Receive The Payments Next Year

2021 And Social Security Benefits

According to USA Today, the average annual Social Security income is around $20,000. This is not so difficult to survive on if such Social Security income is subsidized with monthly payments from a retirement plan. However – with the poverty line coming in, that is quite unrealistically, in the United States of America, at around $12,000-$13,000 per year – it is in reality quite difficult to live comfortably off of Social Security income by itself. Indeed, according to the USA Today might be the case for thousands of Social Security beneficiaries in the United States of America.

This article will thus focus on living better on Social Security income.

To begin, there are several ways to increase your standard of living if you are relying solely on Social Security benefits. According to USA Today, try to maximize your monthly payments to maximize your standard of living and live well on your Social Security income. It is also very important to minimize costs.

There are several ways of doing this here are some according to USA Today such as –

Wait For Full Retirement Age

To maximize your Social Security payments, it is essential to make sure you only start receiving payments at full retirement age. , if you claim before full retirement age, you might even receive 25% less on your payments. For example, a worker earning $1,000 electing to receive Social Security payments could only receive around $750 if they chose to begin payments at the age of 62. However, according to U.S. News, if you hold off Social Security payments until the age of 70, you can increase your income amount by up to 33%. So the example amount of $1,000 would equal $1,333, respectively.

Pay Your Mortgage Off Fully

Try not to take out a mortgage that you will not complete paying before the age of 60. This helps reduce hosing costs – and maximize income left for another spending. So, don’t miss payments or buy a property that is too expensive in the long run for you.

Relocating To A Cheaper Area

Lastly, according to U.S. News, another way of maximizing social security benefits can be as simple as moving to an area with a lower cost of living. This means that you can maximize the income you get from Social Services and live well on. In other words, it would go further.

 

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