Should you get social security early in 2024? All you need to know

PERSONAL FINANCE

Retirement is an important milestone. Social Security can go a long way in making it comfortable.

Social security beneficiaries might get added benefits next year based on a 3.2% cost of living adjustment.

If you are planning for a financially healthy retirement, here are some questions to ask yourself.

1. Do you know your Full Retirement Age (FRA)? Only 13% of adults can name their FRA correctly.

You must retire at a Full Retirement Age to receive your standard Security benefit.

2. Do you know your estimated benefit amount? Check your statements to know.

Your benefit is estimated on what you make as earnings through your career years.

3. Do you know how much you can depend on benefits? SS could become less reliable later.

Don’t bank on Social Security as your only source of income. Plan your investments accordingly.

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