Social security updates in COVID -19 Pandemic

Social security is not a minor financial program for American citizens, but this is something that you will depend on in totality after retirement or if you face any accident and lost your ability to income.  It also benefits your spouse and children after your demise. This income stream holds great financial importance and you cannot outlive it. Social security benefits do not get up or down when there is movement in the forex market, inflation is something that plays a very important role in COLA and it is going to be very little for 2021. Social security provides a good portion of income to millions of American citizens. 

The average SS benefit is $1500/month in 2020 it is assumed that there is going to be a 4% withdrawal rate and for this approximately $450,000 will be required in investable assets to spawn this income level.  The amount might probably larger in case you take account of the low taxes that beneficiary pay for SS benefits, depending upon their total income when you retire. 

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Value of Social Security Income in Corona Times

Social security value is increased when the human race faces challenges like COVID-19. Social security definitely not changes anything neither the benefits get up or down. Social security is a saving plan which one can use at hard times or when you need the money the most. The CARES act is a solution to deal with challenges like coronavirus and has made things easier for those who are affected by this pandemic.

Today the world is suffering from the coronavirus pandemic and the majority of the businesses have left the race. Many people are now concerned about their social security investment. We all are working from now and desire to check our future investments like social security benefits. It is a good habit to check your social security account from time to time especially in the corona times because there are many changes taking place in every field. There are recent dips taking place in the stock market and this is the reason why you need to reconsider the most favorable time to claim social security.

When is the best time to claim SS benefits?

The majority of the people have this question in mind in the corona times that when is the best time to claim social security benefits? In the majority of the cases, the best time to claim social security benefits is as later as you can because this is going to increase the amount.  62 years is still the age to receive social security benefits. 62 is also the earliest age to receive social security retirement benefits.

There is a huge drop in the stock market that occurred due to the coronavirus pandemic so should retire reconsider delaying their social security benefits or not? When you claim for the benefits in the older age this can give a bounce back to your investment. So, the question is in the corona times the risk worth taking.  Everyone desire to maximize their retirement financial plans so that they can live a peaceful life.  Not all people should delay their social security income.

There is an eight percent yearly hike in SS benefits if you wait a year after surpassing your full retirement age and this benefit is guaranteed. There is no risk of stock market interference.  Ideally, there is going to be a combo of retirement accounts, social security, and investment account with you that will help you in having a pretty income when you retire.  When the stock market is rebounding your other accounts can help you as it will help you with more flexibility as compared to the social security income.

Delaying social security in corona times

 If it’s possible you can still delay your SS benefits as long as you can even COVID-19 is around as it is important for those who expect a longer life and are in total good health. If you are obese, drinking, and smoking enjoying life to fullest ignoring health then you just claim your social security benefits at an early age.  On the other hand, side if you get up early in the morning, have the strongest immunity in the family, your doctor is happy to tell you that you are a healthy man even in your sixties, and then you can delay your social security benefits as long as you desire.  It is basically the healthier you are the longer you are going to live and you can delay taking benefits and enjoy maximum benefits of social security retirement benefits.

When to claim your social security is the most important question and the majority of the people get confused after having answers, but in the corona times where life is having no guarantee until you are happy and healthy, it will be a good idea to claim your social security benefits as soon as you reach the retirement age. Also, you can take the aid of the financial planner that will provide you with the much-needed guidance in these challenging times and make the best decisions.  A financial planner can help you in optimizing the social security value based on your assets, health, financial needs, and others. It is certainly expected that the coronavirus will threaten social security solvency, but it does not require threatening your financial security at all. 

Check your social security account

Social security website is updating all the happenings taking place in the social security plans, so it is important that every day you check social security administration or email, contact them to know more about the COVID-19 impacts on your social security especially if you are confused or need to claim your social security benefits this year.  One thing is guaranteed that this pandemic will not impact the number of benefits you are going to get. Keep yourself updated as many changes are expected in the future. if social security is all that you have for your retirement then do not skip any important information that may impact your benefits without your knowledge.