Your retirement should be a time of relaxation and enjoyment, but it can also bring financial concerns. In order to ensure a comfortable retirement, it is important to maximize your Social Security benefits. Here are two tips to help you secure your future and get the most out of your Social Security benefits.
1. Delay Taking Benefits – While you may be tempted to start receiving Social Security benefits as soon as you are eligible, it can actually be beneficial to delay taking them. By delaying until your full retirement age (which is between 66 and 67, depending on when you were born), you will receive a higher monthly benefit. And if you can wait even longer and delay until age 70, you will receive an even larger benefit. This can significantly increase your monthly income in retirement and help secure your financial future.
2. Continue Working – Many retirees completely stop working when they reach retirement age, but continuing to work can actually increase your Social Security benefits. This is because Social Security benefits are based on your highest 35 years of earnings. If you continue working and earning a higher income, it can replace some of your lower earning years and ultimately increase your benefit. Plus, continuing to work can also help you save and delay taking Social Security benefits, further increasing your future benefits.
By following these two tips, you can