Maximizing Your Social Security Benefits: A Guide for Retirement
It’s a pretty large number — but be warned that your monthly benefit may be less.
There’s no official retirement age in the U.S., and there’s also no such thing as a single age at which to claim Social Security. Because of this, you may decide to push yourself to work until age 70 and sign up for Social Security at that point.
You might enjoy a really nice payday
You’re entitled to your complete monthly Social Security benefit, based on your personal income history, when full retirement age (FRA) arrives. That age is either 66, 67, or somewhere in between, depending on your birth year.
But for each year you delay your Social Security filing beyond FRA, your monthly benefit will grow by 8%. And in case it’s not clear, that boost is a permanent one for you to enjoy.
Delaying your filing could pay off
If you’re nearing FRA and considering claiming Social Security, it could pay to work a bit longer and delay your filing until your 70th birthday. This could be an especially wise move if you’re not feeling super confident in the amount of money you have saved for retirement and know you’ll need Social Security to cover the bulk of your senior living expenses.
In addition to delaying your Social Security filing until age 70, you can boost your monthly benefit by trying to increase your wages at the tail end of your career, whether by fighting for a promotion and raise at work or adding to your total income with a side hustle.
The $22,924 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after.
