Will My Social Security Benefit Increase When I Turn 65?
Summary
As Americans approach retirement, many wonder about Social Security benefits. At 65, some anticipate a boost in benefits, but the reality might differ. Social Security benefits don't automatically increase at 65; they're based on factors like work history and claiming age. While reaching full retirement age (currently between 66 and 67) can mean higher benefits, claiming earlier could lead to reductions. Plus, cost-of-living adjustments can impact benefit amounts annually. Retirees must understand how their decisions and timing affect their Social Security income. Consulting with a financial advisor can provide clarity and help optimize retirement strategies.
The Motley Fool
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