What does the Social Security increase mean for me?
Certified Financial Planner Michelle Buria stopped by The Lift to explain the recent changes in social security and what it means. The payment increase is to help offset the increase in cost of living.
Tip No. 1: Review you Social Security statement annually.
Your social security payment is calculated based on your 35 highest income years. So your want to log in and confirm that your income is being reported correctly.
Tip No. 2: Start the sign-up process 60 days before you want a check. Signing up to receive social security benefits takes some time to process.
Tip No. 3: Meet with a Certified Financial Planner to determine when to start. “The number one question I have is when should start drawing. So the response to that is it depends. It depends on if you’re married and if you have other assets you can live on,” Michelle tells us to look at the big picture, and financial planner can help you find that.