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Benefit Replacement and Bend Points Explained

How much pre-retirement income will Social Security replace? That may be the most important question one should ask before starting benefits? Adam Levy covers that issue and shows a chart. The general answer is around 40%, though it’s less of a percentage the higher one’s lifetime earnings. That is far below most experts who say 70-80% replacement is needed to retain one’s standard of living or lifestyle. Levy also covers bend points in his explanation of how benefits are calculated. Full piece here.

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