Keeping Tabs on Social Security - Motley Fool
Social Security has many parameters which govern how benefits are calculated and earned, driven largely by annual inflation rates and the National Average Wage Index, both of which change every year. The result for Social Security is an ever-changing set of factors which can effect anyone contemplating retirement. For example, how much you must earn to get each “quarter of credit” rises yearly (40 quarters of credit are needed to be eligible for benefit); and the Cost of Living Adjustment (COLA) for next year will likely be quite small as inflation cools. Of major significance, is Social Security’s tenuous financial status, as revealed in the most recent Trustees’ report. Point is, Social Security is an everchanging landscape and you should stay informed, in order to make the right decision on when to claim your benefits, as explained in this Motley Fool Article by Maurie Backman.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…