"The average Social Security recipient today collects around $1,900 per month. But if you were an above-average earner, you may be in line for a larger monthly Social Security check. Also, your filing age helps determine what Social Security benefit you receive. If you delay your filing beyond full retirement age, your monthly benefit gets boosted for life. You should also know that Social Security benefits are eligible for a yearly cost-of-living adjustment."
"So all told, you may be surprised - in a good way - at how much retirement income you get out of those benefits. And if it's more than you were banking on, it means you may not have to take as much money out of your savings as you would've thought. 2. Your expenses might decline substantially A lot of the bills you faced during your working years might stick around in retirement. But you might also have the option to live more frugally."
Average Social Security recipients collect around $1,900 monthly, while above-average earners can qualify for larger checks. Filing age affects benefit amounts, and delaying filing beyond full retirement age permanently increases monthly benefits. Social Security benefits receive annual cost-of-living adjustments to help keep pace with inflation. Reduced post‑work expenses can stretch retirement resources by eliminating commuting costs, reducing vehicle needs, lowering housing expenses, allowing relocation to lower-cost areas, and enabling more home-prepared meals. Careful management of retirement account withdrawals can preserve portfolio longevity and reduce the annual amount that must be taken from savings.
Read at 24/7 Wall St.
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