The timing of when a senior starts collecting Social Security retirement checks is key to enjoying a good rest. The average amount United States retirees receive is $1,666 in 2022, but sometimes that may not be enough. Depending on the state in which you live, part of that check may not reach your pocket.
But when it comes to receiving the check, there are several things to keep in mind. Good planning is critical to having the best retirement possible. The Social Security Administration will start sending you your pension payments as soon as you request them. However, you must meet certain requirements to start collecting these checks.
If you meet these requirements, the SSA will make monthly payments of up to $4,194 for the current year. For next year the payment will be up to 8.7% more, something we must take into account when paying taxes on the Social Security check.
In addition to this, we must also take into account certain aspects that will make life much easier for the retiree who starts collecting the Social Security check.
What to do when you start collecting Social Security?
Let’s take a look at several actions we can take when we start collecting Social Security. This does not mean that they are an obligation, but they are a series of good suggestions to have a much better age retirement.
Delay the check. One of the best things we can do when we start collecting the check is to not start collecting it. It sounds counterintuitive, but it’s effective. If we don’t need to start cashing the check, the best idea is not to cash it for some time. We will collect much more if we wait until we are 67 before applying for Social Security retirement.
Make a budget. If we are already collecting the Social Security check, it is time to make a budget. Figure out how much money you need to live on each month. Then make a budget with the SSA check. Then check to see if the check is enough. If it’s not, balance the expenses or find an extra source of income.
Use Medicare. Don’t pass up the opportunity to use all the benefits Medicare offers. It’s true that you have to wait until age 65 to start using these services, but it’s well worth it.
Save. Try to save as much money as you can from each paycheck. This will ensure that when you have to pay a little more in general expenses, you won’t have a problem. Remember that the Social Security check does not increase unless it is for the COLA.
With these tips you can have a more peaceful retirement. If you are thinking about collecting Social Security, keep them in mind to avoid surprises and unpleasant surprises in the future.