Millions of Americans collect Social Security payments every month, and it’s important to know how to get the most out of these benefits.
As you approach full retirement age, you want to be sure you’re aware of how you can receive the largest benefit.
Full retirement age is 66-67, depending on your year of birth.
There a few different ways to boost your benefits ahead of time, but two work relatively well.
IRS, Child Tax Credit, Social Security finance updates for this week
Two ways to boost Social Security payments
Suspend the payments you receive
If you are full retirement age, you can suspend your payments to start again at a later age.
If you delay payments between FRA and age 70, you’ll see an increase for each year you wait.
Filing taxes when your income is Social Security benefits
The amount can be as high as 8% per year.
You have one year to withdraw your application once you start collecting payments.
You must pay any benefits you’ve received back.
What you’re paid in Social Security benefits is based on what you make during your 35 highest wage working years.
If you start working again, you can increase the average payment upon claiming benefits.
If you make past a certain threshold while working and collecting benefits, it could lower them.
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