Watching Your Wallet: Understanding Social Security Benefits

The Social Security Administration announced that benefits for 75 cardinal Americans volition summation 2.8% successful 2026.

FRESNO, Calif. (KFSN) -- It's a payment you apt wage into, whether you're alert of it oregon not.

Social Security is simply a authorities programme that provides a fixed income for retirees.

"You wage into Social Security done payroll tax," Portfolio Advisors Lead Financial Advisor, AJ Flores said. "If you've ever checked your paystub, you'll spot a small conception determination that says 'Social Security.'

Depending connected the type, you tin record to person these benefits arsenic income arsenic aboriginal arsenic 62. Most people's afloat status property is 67.

"You tin marque a lawsuit to hold Social Security successful bid to unafraid a higher monthly payment for you," Flores said. "Waiting guarantees a higher benefit, but it besides delays erstwhile you tin commencement enjoying that income."

Flores says things to see see wellness status, household longevity, different sources of status income and if determination is simply a need.

For some, determination is besides a interest that Social Security isn't guaranteed.

"As of close now, Social Security is projected to beryllium capable to beryllium funded 100% done astatine slightest 2033," Flores said. "After that point, assuming nary changes are made, determination whitethorn beryllium immoderate adjustments beyond 2033. Barring immoderate action, Social Security volition beryllium capable to wage retired astatine slightest 77% of everyone's payment conscionable done the payroll taxation done the workforce."

Flores suggests getting up of the crippled by checking your net past and making definite it's close connected the Social Security website.

This volition besides assistance you coordinate your spousal strategy, if that applies.

"Knowing however you're eligible for, knowing however it is simply a portion of the puzzle and however it fits into the bigger representation is precise important," Flores said.

You tin marque a login astatine immoderate property to cheque connected your relationship done the government's Social Security website.

There, you tin spot your existent estimates for Social Security and cipher however overmuch you'll person astatine which age.

There is besides a tutorial.

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