Social Security 2019:- Should I Still Wait?


When it comes to reaping the benefits for social security the majority follow the herd. They want to follow the same their friends or family did. Obtaining Social Security benefits is certainly a daunting process. Retirees may find it unapproachable because Social security undergoes changes and requires loads of documentation. It is likely to confront pitfalls and you might not be receiving SS benefits like the others doing at a similar level. So what can be done?

Never opt for the attitude what others doing, you need to do the same. If your friends are applying for the retirement benefits immediately after they turn 62, it’s their problem. There is no reason to do the same. Go for a financial adviser or Social security lawyer and evaluate things on your behalf. You must know delaying your benefits will lift the profit amount more. If you are capable of financial securities then delaying will be a good idea.

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Delay to receive more

You will come across people who are 70+ and still waiting. The right time to apply for the social security benefit is neither 62yrs nor 75 yrs. It is when you have no source of income and you are in desperate need of financial aid. This is the time when you cannot wait any longer to get a hike and it can be the time you reach 60 or 70. Taking benefit at this time will make your life comfortable with whatever amount you are going to receive. Social Security is really a complex process and taking the opinions of a Social Security will be much more productive than just talking to a person who is already receiving SS advantages.

Why expert?

Social security administration inside story cannot be easy to understand by an average citizen. You will be surprised to know what goes inside. There are more than 60 million people who are receiving social security benefits under different streams like disability, spouse benefits, retirement benefits etc. 1 in 5 American is receiving SS benefit at present and this is the reason why social security is a complex thing to understand. Now, it is clear why you will need an expert to understand things like how it works? What 2019 social security update is bringing and how can you receive updated benefits.  

In simple words, if you are not aware of how social security works, it can cost you ten to thousands of dollars. Making decisions is not easy as always, a piece of reliable advice can totally change the amount of benefit you will receive. Dealing with the social security administration can be really challenging and to get through it you will need someone to talk on your behalf.  Sometimes the process is delayed for years and beneficiaries are left with nothing in hand.  An expert will make a strategy that will hit the bull's eye and soon you will start receiving the social security benefits which you deserve.

What is 2019 Social Security Update?

Social security 2019 is going to bring smiles on the faces of retires/beneficiaries of social security. No matter you are paying your taxes or receiving benefits you will be able to enjoy the update. There are millions of older citizens who are collecting SS benefits and the added perk to it is that it is going to rise by 2.8%.  This is the biggest hike since 2012 to COLA- cost of living adjustment. Now the check is going to rise by a few dollars which are certainly going to make a huge difference. The majority of the older citizens rely on the social security benefits for their financial needs, a major source of income. The 2019 update might not be much but can help in covering required things.

Retires are the major ones who are going to notice the hike in their SS checks. Social Security has gone through changes in previous years as well. There was amount elevated by offsetting the Medicare premiums rise, which were deducted from the SS benefits.  In 2019 Medicare Part B premium is going to up by $1.50.

Other changes

Social security is going to go through a few other changes including high taxes for those who are having good income source and age bar can be raised for retirement benefits. Changes are still a matter of debate and no official statements are released about other changes in the program. Whether you are receiving benefits or still waiting to make sure you are aware of the updates as it is imperative. It is vital to get the knowledge of the 2019 COLA changes because you will be able to devise a proper plan and get a claim on time. 

Should you still wait?

There is definitely a huge financial benefit for all those who keep patience when it comes to receiving social security benefits.  The more years you wait the more profit you are going to receive. Your monthly check is going to increase by 8% every year if you wait.  For example, let's say you wait till 62 and have worked for forty good years and end up with the salary $80,000. Your social security benefit is going to be $1,455 every month. Visit ssa.gov to know more about your social security updates, amount and claim.

On the other hand, if you are going to wait longer until 66 yrs which are the full retirement age, then you are going to get$2,074 per month.  If you wait till 70 you will receive $2,833 which is double as compared to the benefits you receive at the age of 62. Claiming your social security benefits is completely up to you and your decision. 

Final verdict
Social security 2019 COLA updates are to be applicable from Jan 1, 2019 and all the social security retirement beneficiaries are going to enjoy 2.8% hike COLA. Waiting or no waiting will be your decision, but whatever you decide you are going to enjoy the updated raise for sure. To know more log in to your social security accounts.