More than 65 million Americans are currently receiving Social Security benefits—roughly half of whom rely on it for 50% or more of their basic income
projected that Social Security will have to begin paying reduced benefits by 2034 because it is running out of money.a 2023 budget blueprint last year that would raise the Social Security eligibility age from 65 to 69 and link the retirement age to increases in life expectancy. Under the proposal—which has gained some Republican support—Americans would have to work longer before receiving full Social Security benefits.
Kathleen Romig, director of Social Security and disability policy at the Center on Budget and Policy Priorities, says that a 66-year-old like DeBella should strongly consider waiting at least another year before claiming Social Security benefits—if she can—since her monthly benefit would be 8% higher for each additional year of delay after age 67. “You can certainly get a higher monthly benefit by waiting, but for some people it doesn’t make sense to wait,” Romig says.
“We don’t know if next year is going to be a good or a bad year for the markets,” she says. “But we do know that if [DeBella] waited another year, she’s going to get almost an 8% bump in her monthly benefit, and if she waits two years it’ll be 16% and so on and so forth, compared to what she could get now. That’s nothing to sneeze at—getting a guaranteed higher monthly benefit just by waiting.”from a group of economists suggests that all U.S.
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