3 Things You Need to Know About Filing for Social Security in 2020
The decision to file for Social Security is a big one -- huge, actually. Though your benefits are calculated based on your earnings during your 35 highest-paid years in the workforce, the age at which you claim them will determine how much money you collect on a monthly basis for the rest of your life. So, it's important to think through that decision carefully before moving forward. If you're contemplating taking benefits in the coming year, here are a few important things you should know first.
The average Social Security recipient today collects $1,479 a month in benefits. Once 2020's 1.6% cost-of-living adjustment (COLA) goes through, the average senior will be bumped up to $1,503.
However, seniors on Medicare who pay their Part B premiums out of their Social Security benefits won't see their whole raise, because a portion of will go toward an increase in the cost of those premiums. Specifically, the standard monthly premium for Part B is increasing by $9.10. Thus, the typical senior on Medicare may only be looking at $1,494 a month in 2020.
Source Fool.com
