How Much Social Security Do People Get in Lake Elsinore-Wildomar?

Retirees on Social Security are enjoying a big raise this year, thanks to a very sweet COLA. In January, recipients got their largest “cost of living adjustment” since 2012: To keep up with inflation, benefits were boosted 2.8%.

A retired worker’s monthly payment went from $1,422 to $1,461. That works out to $468 extra over the course of the year.

Enjoy it while you can, seniors, because the advocacy group the Senior Citizens League is forecasting just a 1.8% increase for 2020, due to falling prices for gasoline and other things.

“That’s too low for meeting rising health care and prescription drug costs,” Mary Johnson, the league’s Social Security policy analyst, tells MoneyWise.com.

Read on to find out the size of the typical Social Security check in Lake Elsinore-Wildomar. And, pick up some great tips for people of all ages on how to make sure you get the biggest benefit possible.

What Social Security recipients get in Lake Elsinore-Wildomar

The Social Security Administration’s most current data for Lake Elsinore-Wildomar is from 2017, when the average retiree nationwide was getting $1,360 a month from the program, or just $16,320 a year.

It was tough luck for seniors in Lake Elsinore-Wildomar, whose benefits were worse than average.

The government says 9,885 retired people in Lake Elsinore-Wildomar were on Social Security during 2017, and they were typically receiving $1,332 a month from the program, or $15,985 annually.

In California, 4,178,360 retirees were collecting benefits in 2017 that averaged $1,378 per month or $16,531 a year.

Nope, it’s really not much

No matter how your local or state benefits compare to the national numbers, it’s just not a lot of money. Consider this: The federal government’s official definition of poverty in 2017 was a person earning $12,060 a year.

No one should ever expect to live off Social Security in retirement — so don’t even think of that. Just don’t.

During your working years it’s vital that you save and invest, maybe in an employer-based 401(k), an IRA, or through an automated investment service like Wealthsimple that automatically adjusts your portfolio to help you weather the occasional storm fronts on the financial markets.

Get the free MoneyWise retirement eBook and start planning your perfect retirement today.

How to get the most from Social Security

Once you’re in retirement (and hopefully living somewhere great, no matter how much money you have), you don’t have to settle for an average or even less-than-average Social Security benefit.

The maximum possible payment for a person who retires in 2019 is $3,770 a month — or more than $45,000 a year.

How can you get that? Here are a few things you have to do:

• Work and pay into the program for at least 35 years.
• Make more money during your work years. Your benefit will be based on your best 35 years of earnings during your career, so if you can find side income opportunities you’ll thank yourself after you retire.
• Wait as long as you possibly can to start collecting. Though you can take Social Security as early as age 62, you’ll receive the largest benefit if you can hold out until age 70.
• Don’t make too much money after you retire. Depending on your age, it’s possible to lose some of your Social Security in 2019 if you earn more than $17,640 a year.

For additional tips, be sure to check out our article on the best ways to boost your Social Security benefits.

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