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Social Security: By the Numbers.
Jul. 01, 2024
Let’s Take a Look
There are several factors that can impact how your Social Security benefit will affect your retirement income.
- 40%. According to the Social Security Administration, the average benefit for most retirees covers only about 40% of pre-retirement earnings. A long-term retirement plan can help you make up the difference.
- 35. Social Security benefits are calculated based on your 35 highest-earning years and the age when you begin taking benefits. So even if you slow down and take a part-time job before fully retiring, your benefit shouldn’t be impacted.
- 62. 70. You can take your benefit as early as age 62. If you wait until your full retirement age, you can boost your benefit by about 108%. If you wait until you turn 70, your benefit increase is 132%.
- 12. You have 12 months to change your mind and withdraw your application for benefits. If you decide to un-retire or choose to wait a few years to take your benefit, you have a year to apply for a do-over. You can only do this once.
- Finally, talk with a financial professional to review your retirement income strategy and get help with any of the steps above.
Copyright 2024 FMG Suite, LLC
Questions about Social Security?
If retirement’s on your horizon, a financial professional can share a list of considerations about your Social Security benefits and help you plan for your next steps.
Pacific NW Federal Credit Union offers members access to a complimentary financial consultation through our CFS* Financial Advisor, Ron Barnette. Ron can work with you to clarify your retirement goals, help you develop and implement a plan, and provide guidance when it comes to maximizing social security benefits. Contact Ron at [email protected] or 503.258.2658 to schedule your complimentary financial consultation today!
Schedule Now*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC), and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Pacific NW Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.