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Retirees Still on Track To Receive Largest Social Security Hike Since 1981

Cheapism Logo By Elizabeth Sheer of Cheapism | Slide 1 of 14: Social Security payments are the primary source of income for many retirees. About 60% of respondents to a 2022 survey conducted by the Federal Reserve Board indicated that their retirement savings weren't on track, and they were still largely dependent on government benefits to get by. The survey also found that 25% of retirees who retired in the past 12 months and 15% of those who retired one to two years ago said that factors related to the COVID-19 pandemic had affected the timing of their retirements. Whether you expect Social Security to be your sole means of support or a source of pocket change, it's a good idea to plan how to get the most out of your benefits — before you hit retirement age.Related: No Pension. No 401(k). How to Get by on Social Security

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Social Security payments are the primary source of income for many retirees. About 60% of respondents to a 2022 survey conducted by the Federal Reserve Board indicated that their retirement savings weren't on track, and they were still largely dependent on government benefits to get by. The survey also found that 25% of retirees who retired in the past 12 months and 15% of those who retired one to two years ago said that factors related to the COVID-19 pandemic had affected the timing of their retirements. Whether you expect Social Security to be your sole means of support or a source of pocket change, it's a good idea to plan how to get the most out of your benefits — before you hit retirement age.

Related: No Pension. No 401(k). How to Get by on Social Security

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