Yahoo Finance advises four steps to take to ensure you get the maximum Social Security benefits possible. It pays to pay attention and plan ahead.
- Maximize the income used to calculate how much you will receive.
- Wait until a later age to file your claim for benefits.
- Quit working if you take benefits before your Full Retirement Age (FRA).
- Find ways to avoid taxes on Social Security benefits.
Benefits are based on the average indexed monthly earnings (AIME) over the best 35 earning years of your career. Find ways to increase your income while still working. You can begin taking Social Security payments at age 62, but the longer you wait to claim them, the more you get each month.
If you decide to file for Social Security before your FRA (either 66 or 67, depending on your birth year), stop working so your benefit won’t be reduced. Finally, consider where you retire. There are 12 states that tax Social Security benefits, so consider if relocation might make sense for you.
Council of Seniors Works to Strengthen Social Security
Extra retirement income can provide the cushion you need. Here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has been insufficient over a series of years, this legislation is crucial. Once it passes, seniors will be reimbursed the amount of $581.
Signing our petition is the first step you can take to help. Let’s work together to tell Congress how many Americans support this bill.
We’d love for you to connect with us on Facebook and Twitter!