The average monthly Social Security benefit is $1,657, and the maximum Social Security benefit is $4,194. The Motley Fool advises there are three steps people can take now to beat the average benefit.
First, you’re ahead of the game if you worked to earn as much as you can during your higher-earning years. Social Security benefits are calculated on your average wages during the 35 years in which your income was higher.
Another key decision is to delay claiming benefits as long as you can after becoming eligible.
Some people opt to start collecting at age 62, the earliest you can file. It’s smarter to wait until your Full Retirement Age (FRA), if at all possible. The FRA is determined by the year in which you were born.
Finally, coordinate with your spouse on when to start receiving benefits. It’s better for the lower earner to claim before the higher earner.
Council of Seniors Wants You to Get the Most You Can
Extra income during retirement is critical when inflation is high. That’s why here at Council of Seniors, we’re fully committed to getting Congress to pass The SAVE Benefits Act. Annual Social Security cost of living adjustments (COLAs) haven’t been adequate in recent years. We need this bill to return $581 to seniors.
Please sign our petition right away. Your support can make a tremendous difference.
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