Did you know that Social Security payments, like your allowance, go up a little each year? But will they keep up with the rising costs of things? That's a big question! Social Security helps retirees, but it's not meant to be their only income.
- Social Security payments have increased over the years.
- Waiting to claim Social Security until age 70 gives you more money each month.
- Working longer and earning more increases your payments.
- Social Security is only part of your retirement income; you should save extra.
| Year | Average Monthly Payment |
|---|---|
| 1995 | $720 |
| 2023 | $1,976 |
Saving extra money for retirement is important. Think of it like saving up for a really big toy!
