Stake Your Claim
Social Security payments are the primary source of income for many retirees. About 60% of respondents to a 2022 survey conducted by the Federal Reserve Board indicated that their retirement savings weren't on track, and they were still largely dependent on government benefits to get by. The survey also found that 25% of retirees who retired in the past 12 months and 15% of those who retired one to two years ago said that factors related to the COVID-19 pandemic had affected the timing of their retirements. Of course, pandemic-driven inflation has been one of the biggest hurdles, but it's also created a bit of silver lining, too: The cost-of-living adjustment is getting its biggest boost in more than 40 years, helping social security payments to go a bit further. Whether you expect Social Security to be your sole means of support or a source of pocket change, it's a good idea to plan how to get the most out of your benefits — before you hit retirement age.
Related: No Pension. No 401(k). How to Get by on Social Security