By doing things a certain way, people are better able to give themselves a more comfortable life down the road when it’s time to cash in those social security checks.
Work for at least 35 years, if not more.
What benefits you get are reflective of the highest paid 35 years of working. If someone works less than 35 years, the wages for those years are worth $0 and that gets averaged in.
This will significantly decrease the overall average. By working at least 35 years in increases the chances of a higher check.
By earning a higher income it will increase the average of wages as well as the overall benefit in the end.
Push off claiming benefits until you absolutely have to
If benefits are claimed prior to your FRA, it can dramatically decrease your benefits by up to 30%.
By waiting as long as possible, like your 70th birthday, the amount of money received every year will be much higher, between 24% and 32%.
Make sure your work record in correct
Always double check to make sure everything is accurately recorded in your wave history.
If it isn’t then your social security dollar amount isn’t going to be correct either.
Everyone usually gets a statement before their 70th birthday if they haven’t already claimed benefits, and that’s a good time to check and make any corrections that are necessary.
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