The year 2022 has begun, and millions of Americans or citizens of the United States of America have felt the economic repercussions of the COVID-19 Pandemic.
Indeed, inflation is soaring – and many people have lost their jobs, yet 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 start – or even how much they are entitled to. This article looks at some of the most important, basic, aspects of social security helping to educate the reader and showing you if you are eligible for extra monthly payments in the form of social security benefits this year, and in the years to come. Read on if you are interested.
What You Need To Know
According to this article on Go Banking Rates – 2 in 5 people don’t even know the retirement age requirement for maximum benefits from the Social Security Authority in America. Sadly this means, that many Americans’ lacks education in this regard might lead to them losing out on income later in their retirement. If they are not aware of the fact that although they can start to receive income from Social Security at the age of 62 if eligible – only at the age of 70 do they receive full retirement benefits. They can, however, exhaust these added benefits by cashing in earlier on their social security benefits.
Furthermore, according to this article(quoting figures taken from a study by NationWide Retirement), almost 30% of their sample were not even aware that the Social Security Authority in America offers certain spousal and child benefits. Sadly according to this study almost half of the participants – 45% – were unaware that claiming early on social security benefits would adjust their entitlement at a later age.
Lastly, you should know that despite what a large percentage of the study believed – that is 37% – according to Go Banking Rates, Social Security benefits are calculated with inflation in mind and therefore, are protected from the effects of inflation. The cost of living adjustment or COLA is a figure usually used to determine the increases or decreases in social security benefits from year to year.
Hope you have enjoyed the article – below is a link to Social Security’s website. Please don’t forget to comment below if you found this article useful or interesting.
Social Security Authority – ssa.gov