Reported 4 months ago
Understanding the complexities of Social Security is crucial for retirees, with one chart standing out as the key to grasping how benefits are affected by individual choices. This chart explains how Social Security's full retirement age impacts monthly benefits, highlighting that claiming benefits before or after full retirement age alters monthly payouts and spousal benefits. It also emphasizes the financial consequences of earning over the limit set by the Social Security retirement earnings test before reaching full retirement age, indicating how benefits are recalculated gradually once full retirement age is reached.
Source: YAHOO