2022: The Right Year to Claim Social Security?

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Is 2022 the right year for you to claim your Social Security benefits? There are several ways to tell. Claiming your Social Security benefits is a big decision, so you want to learn all you can before you pull that trigger. The Motley Fool’s Maurie Backman reports on ways to determine if 2022 is the right year for you to file for Social Security.

There are three easy ways to quickly determine if 2022 is the right year: If you have reached retirement age, understand your benefit amount, and have established a retirement budget. In 2022 is already off to a good start with COLA increasing Social Security by 6%; that means that your payments will already be higher.

Each of the three ways to know if 2022 is the right year are equally important. Creating a retirement budget helps you understand your needs. Knowing if you reach retirement age in 2022 tells you to expect a maxed-out benefit. Having a budget and being of age helps you gauge how much income to expect from your Social Security benefits. All these together help you understand what to expect out of Social Security in general.

If you discover favorable results that you’d reach retirement age and gain a max benefit that increases your budget, then 2022 is the right year for you. If not, then not to worry; determine your own needs and timeline. Maybe 2023 will be your year.

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