Between 2001 and 2014, for instance, life expectancy rose by more than two years for males and nearly three years for girls with incomes within the high 5%, based on a study for the Social Security Administration. During the identical period, life expectations for these in the backside 5% of incomes rose a little less than 4 months for males and about two weeks for ladies. Let’s say your full retirement age is 67 and your benefit, if started then, would be $1,000 a month.
Starting at sixty two would shrink the benefit to $seven-hundred, while waiting till 70 to start would increase the amount to $1,240. The result is a system that unfairly penalizes early filers, unjustly advantages late filers — and hurts decrease-income people the most. Now that you understand some of the fundamental components that affect the scale of your Social Security checks, you can start thinking … Read More