5 Important Changes to Social Security Benefits in 2021

The maximum benefit will increase

Want to make the most out of your Social Security? Then, if you can, you should try to retire later than your full retirement age. These sorts of strategies ensure that you’ll have more money for longer after you stop working.

But did you know there’s also a limit to how much money you can receive? Known as the maximum Social Security benefit, there is a cap on how much you’ll get depending on the age at which you retire.

If you start claiming benefits once you reach your full retirement age you should know that the maximum Social Security benefit will rise to $3,148 per month in 2021, compared to $3,011 per month in 2020.

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