Panel Probes Ways Americans Can Maximize Social Security

Continuing their focus on improving retirement security, Sens. Susan Collins (R-ME) and Claire McCaskill (D-MO), the chairman and ranking member, led a hearing Wednesday (Sept. 14) titled, “Maximizing Your Social Security Benefits: What You Need to Know.” The hearing highlighted the importance of individuals choosing the right time to begin receiving Social Security benefits, which can affect seniors’ retirement income by tens of thousands of dollars. Retirees are entitled to claim benefits as early as age 62, but those who do so will see their annual benefits permanently reduced by nearly one-third compared to what they could have received by waiting until they’re older. In fact, few people realize that their benefits can go up by 8 percent annually for each year they delay claiming benefits, up to the age of 70. For example, an average individual earning $42,000 per year and filing at age 62 would receive approximately $1,200 per month from Social Security. If this pers [...]

Login to read the full story or Subscribe now!