Since its creation with the Social Security Act of 1935, Social Security has proven to be one of the more essential services offered by the federal government. Providing for the retirement of anyone over the age of 62, it gives Americans the safety and security of knowing that they will have a stable source of income through the end of their life, even if they were unable to save over the course of their career.
But what can we expect from Social Security in the near future?
As baby boomers prepare to retire, what sort of monthly payments can they plan on after they’ve stopped working? Planning for retirement requires doing some precise calculations to determine how much of a nest egg you will really need, so anticipating future payments from the Social Security Administration (SSA) is an important part of the equation. Fortunately, GOBankingRates has calculated the monthly social security payment for each year from 2018 to 2034 using the current cost of living adjustment (COLA) of 2.1 percent. If you’re nearing retirement age, you can use these projections to get an estimate of what you can likely expect from the SSA in the decades to come.