More People Are Planning To Claim Their Social Security Retirement Plan Early While Staying On Their Jobs

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Many Americans have doubts about the future of Social Security because of the inflation hit. They plan to claim their Social Security Retirement plan early while staying at their work.

More People Are Planning To Claim Their Social Security Retirement Plan Early While Staying On Their Jobs
More People Are Planning To Claim Their Social Security Retirement Plan Early While Staying On Their Jobs (Photo: Yahoo Finance)

 

More People Claim Social Security Retirement Plan Benefits Early

42% of Americans said they are planning to file to claim their Social Security Retirement plan before they reach their full retirement age while also staying to work, according to last year’s survey by the Nationwide Retirement Institute.

Employees who’ve paid into the Social Security retirement plan can claim their benefits as early as age 62, and the monthly Social Security benefit check that’s as much as 30% less than the Social Security retirement plan payment they’d take at full retirement age. By waiting longer to file, Social Security retirement plan beneficiaries can increase their Social Security retirement plan payment by 8% each year.

Claiming Social Security retirement plan benefits early isn’t always mistaken, planners note. Many employees start taking Social Security benefits when they’re compulsory to retire because of some reasons, such as corporate downsizing and age discrimination in hiring.

Read Also: Social Security News: Today, Millions Of People Will Get Direct Payments Totaling Up To $4,555

Tips on How to Plan Retirement

1. Deciding when to claim Social Security retirement plan benefits is only one part of retirement planning. A financial advisor can help you understand all the variables. Finding a financial advisor is not tough as you imagine.

2.SmartAsset’s free tool matches you with up to capable financial advisors who serve near your area.

3. Use a no-cost retirement calculator to estimate your retirement net worth.

Read Also: Update On Social Security: What’s In The Latest Budget Cuts Proposal

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