Social Security benefits are claimed by millions of Americans each month, but what each person gets varies due to many different factors.
There are three things people can do to prepare.
Deciding how to go about collecting your benefits can be a complicated decision.
Factors include your age, how much you made over a 35 year span, and whether you delay benefits or claim early.
Here are three things to do to boost your Social Security when it’s time to claim
First, check your benefit amount out.
The Social Security Administration has a tool to check your benefits.
This helps you plan your income situation.
Social Security: What retiring at 62 or 67 means
Next, figure out the age which might be best to retire.
You can retire as early as 62 or as late as 70.
By retiring at 62, you will lose 30% of your monthly benefit, but if you’re in bad health that may be ideal.
If you plan to live much longer, pushing it off until you’re 70 could bring you much more money.
Income limits and what that means for your benefits
Each year you wait past your full retirement age your benefits grow by 8%.
Finally, think of your spouse.
If you’re both eligible, look at what situation works best for the both of you.
Sometimes it would make more sense for one person to claim but not the other.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]