Social Security
Developing a solid Social Security strategy is essential for maximizing your retirement income.
Here are some key strategies to consider:
1. Work for 35 Years or More
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Calculation Basis:
Social Security benefits are calculated based on your 35 highest-earning years. If you work fewer than 35 years, zeros are factored in, which can lower your benefit.
2. Earn a Higher Salary
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Maximize Earnings:
The more you earn (up to the taxable maximum), the higher your Social Security benefits will be. Consider negotiating for raises or taking on additional work to boost your earnings.
3. Delay Claiming Benefits
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Full Retirement Age (FRA):
Your FRA is between 66 and 67, depending on your birth year. Claiming benefits before your FRA results in reduced monthly payments.
4. Spousal Benefits
5. Survivor Benefits
6. Consider Your Longevity
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Life Expectancy:
Estimate your life expectancy to decide the best time to claim benefits. If you expect to live longer, delaying benefits can be advantageous.
7. Use a Social Security Calculator
8. Reevaluate Periodically
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Regular Reviews:
Your financial situation and health can change, so it’s important to periodically review and adjust your Social Security strategy as needed.
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*Disclosure:
We are not affiliated with, or endorsed by, the Social Security Administration or any other government agency.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area.
Please contact ssa.gov. or LOGIN.GOV