Statistically, This Is the Worst Age to Claim Social Security Benefits if You Want to Maximize Your Lifetime Income

This has been a special year for Social Security beneficiaries. For the first time in the program's storied history, the average monthly retired-worker benefit surpassed $2,000. What's more, 2026 will mark the fifth consecutive year that Social Security's annual cost-of-living adjustment (COLA) has hit at least 2.5%. This was last achieved nearly three decades ago.These achievements matter because most retirees rely on their Social Security income, in some capacity, to cover their expenses. Nearly a quarter-century of annual surveys from Gallup have shown that 80% to 90% of retirees need their monthly payout to make ends meet. In other words, Social Security income is a necessity, not a luxury, for most retired-worker beneficiaries. This means getting as much as possible out of Social Security takes on heightened importance for future generations of retirees.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool