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3 Ways to Increase Your Lifetime Social Benefits



Social security benefits can differentiate between barely scraping through retirement and living a comfortable and enjoyable lifestyle. For many people, these monthly checks are also a major source of retirement income. In fact, about half of baby boomers say they expect to rely primarily on the Social Security benefits they will receive upon retirement, according to a study by American Advisors Group.

If you expect Social Security to help you connect your goals during your senior years, it is important to maximize your benefits in the best way. One way to do this is to delay claiming benefits after your full retirement age (FRA) – which is 67 for births in 1

960 or later, or 66 or 66 and several months for births before 1960. apply after that age (up to 70 years), you will receive extra money every month – up to 24% extra if you have a FRA 67.

However, waiting to claim Social Security is not the only way to increase your maximum monthly checks. There are several other ways you can increase your benefits for the rest of your life.

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1. Work for more than 35 years

One of the factors that have a significant influence on how much you will receive benefits is your income during your working years.

Your basic amount of compensation (or the amount you would receive by claiming benefits in your FRA) is based on the 35 years of your career. If you work less than 35 years, you will add zeros to your average to account for years you have not worked. As a result, this will reduce your average and basic compensation.

On the other hand, if you work more than 35 years, only the highest income years will be counted. Since you are probably now earning a higher salary than you were when you started your career, working a few years longer can significantly increase your average – and your benefits.

2. Make sure you know all the benefits you are entitled to

In order to maximize your checks, it is important to find out exactly what benefits you are entitled to receive.

For example, even if you have not worked long enough to qualify for social security benefits, you may still be entitled to spouses benefits based on your spouse's or your wife's employment record. Or, if you can receive benefits based on your own record, but the spouse is eligible for more, you may still be able to receive additional benefits for the spouse based on his record. Those who are divorced may also receive divorced spouse benefits, even if your ex-marriage is remarried.

You may also be entitled to survivor benefits or survivor benefits if your spouse / ex-spouse / spouse / spouse passes away. There are several qualifications you need to meet in order to be eligible for survivor benefits, but depending on how much your spouse was entitled to receive, this money could go a long way.

It is important that you do your research to determine what types of benefits you are entitled to collect, as the Social Security Administration will not always inform you when you are able to file these benefits. So if you don't know what you're entitled to, you can skip.

3. Apply For Overpayment If You Apply Too Early

In general, once you start claiming your benefits, your decision is irreversible. You still get one finish if you make a mistake. If you change your decision within 12 months of the initial claim for benefits, you can reverse your decision – but you will need to return any benefits you have already received.

This can sometimes be a smart move if you have claimed a claim early. For example, say you claimed to be 62 because you lost your job and need extra income to survive. In this case, your monthly checks will be reduced (sometimes significantly) if you apply to the FRA but feel that you have no choice. However, if you find a new job six months later and decide that you prefer to keep Social Security until after your FRA has won that incentive, you can cancel your decision – as long as you withdraw your application within 12 months of submitting and can returns the money you have already received.

If 12 months have already passed or you cannot afford to pay back what you have already received, there is another option: voluntarily suspend your benefits. Once you reach your FRA, you can ask the Social Security Administration to suspend your benefits to 70. Then, after you are 70 years old and start collecting benefits, you will receive extra money every month to make up for your non-contributory time. you have received benefits.

The advantage of stopping your benefits is that you will earn bigger checks and you will not have to pay back any benefits already received. But the downside is that the benefit increase will not be as significant as if you had not yet started to claim it.

Social security benefits can help bridge the gap between saving money and the money that "You will need to live peacefully in retirement. But to maximize the amount you receive, you'll need a strategy. By learning as much as you can about how your benefits are determined and the type of benefits you are entitled to, you can make the most of your monthly checks and stretch every dollar in retirement.

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Social security benefits can differentiate between just scraping off in retirement and living a comfortable and enjoyable lifestyle. For many people, these monthly checks are also a major source of retirement income. In fact, about half of baby boomers say they expect to rely primarily on the Social Security benefits they will receive upon retirement, according to a study by American Advisors Group.

If you expect Social Security to help you connect your goals during your senior years, it is important to maximize your benefits in the best way. One way to do this is to delay claiming benefits after your full retirement age (FRA) – which is 67 for births in 1960 or later, or 66 or 66 and several months for births before 1960. apply after that age (up to 70 years), you will receive extra money every month over your entire amount – up to 24% extra if you have a FRA 67.

However, waiting to claim Social Security is not the only way to increase your maximum monthly checks. There are several other ways you can increase your benefits for the rest of your life.

Average retirement savings are worryingly low: Here's what to do about it

Selling your stuff for extra money? Here are the best ways to do it

1. Work for over 35 years


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