The Most Important Social Security Table You'll Ever See
An annuity is a wonderful thing to receive throughout your retirement. Here's how it works when you buy a simple, fixed annuity: You pay a hefty sum, typically to an insurance company, and in return, it promises to pay you a certain sum for a certain number of years -- or even for the rest of your life.
If you're thinking that you'd love to receive annuity income in retirement, but you don't think you can afford it, guess what -- your Social Security income is essentially annuity income! It will pay you for as long as you live and it even includes cost-of-living adjustments (COLAs) to help you keep up with inflation over time. (If you're buying an annuity, you'd likely have to pay extra for inflation adjustments!)
The bigger your benefits are, the bigger your COLAs will be, so it's worth trying to maximize your Social Security benefits. The most important Social Security table you'll ever see can help with that below.
Source Fool.com
