Office Of International Affairs

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