As Baby Boomers fight the aging process every step of the way, the 64 million Americans who are currently drawing their Social Security are proving that we can all live longer healthier lives, but it still takes some money to back it all up.
The Christian Science Monitor reports Social Security payments will increase 1.7 percent in January 2015. An example of the average increase in the Social Security hike means a typical retiree will get about $22 extra each month, $264 a year. Look at all that money!
The Inquisitr reports there are a lot of other factors to consider with an ‘average payment.’ Anyone who draws their benefits early at age 62 takes a hit in the wallet and settles for less. It is up to the individual to decide what works best for them, and develop a plan that will carry them comfortably through their retirement so money isn’t a stressful issue. Less stress in our lives has proven to have major health benefits, which is a great thing.
If a person is comfortable enough financially to bow out of the work force and live off their savings, more power to them! This ‘comfort zone’ will include money taken out of their paycheck and set aside in the Social Security program.
Retirees can still elect to work without penalty to keep their cash flow moving in the right direction; in the door and right back out again. Details about the Social Security system can be found on the official Social Security Administration (SSA) website.
On the homepage of the SSA site – front and center – is the banner that takes us to the Cost-of-Living Adjustment (COLA) page. The COLA will also raise government benefits for millions of disabled veterans, federal retirees, and those drawing disability payments. Raises are good!
There’s also a Retirement Estimator button for those who are about ready to cross over the bridge and join the ‘Me Generation.’ Aging has its benefits.
This site is so user-friendly the developers should have landed the gig designing the Affordable Care Act website. And enjoyed their own early retirement raking in the big bucks.
In line with raises via COLA is the Supplemental Security Income (SSI) hike, which will benefit more than eight million Americans. This raise takes place on December 31, 2014. Social Security increases have gone up three years in a row. Who’s complaining?
The New York Times writes that by law, the Social Security increase is based on inflation. The amount of wages subject to Social Security taxes is also going up.
At the end of the day most Baby Boomers will agree that having a good attitude, choosing a healthy lifestyle, and feeling loved are all like money in the bank. The Social Security benefit is another way of saving it all for a rainy day.
[Image via Getty]