With a new administration considering all sorts of changes that can affect seniors, of the hottest topics trending today is how to maximize your social security check! The folks at Clark Howard have some good advice to share, and offer these tips for maximizing your social security payments.
Here's what we wrote about social security benefits back in January:
Did you know the average retired person (on social security) receives a monthly Social Security benefit of $1,355? That means, the 0.3 percent COLA translates to around $4 a month. Matthew Frankel at Newsweek says that “this is the smallest percentage increase in a non-zero COLA year since the system was implemented in 1975. – The Senior List, 1/8/2017
RELATED: WHEN SHOULD I TAKE SOCIAL SECURITY?
Here are 6 strategies you can implement to ensure you're maximizing your benefit checks. Here's what Clark Howard has to say about how to maximize your social security check:
- Wait Longer – If you can wait to take your social security check AFTER age 62, your check will be larger for each year you can abstain. Clark says for “every year you wait after 62, you have an imputed return of 8% per year on your lifetime benefit.”
- Know Your Full Retirement Age – Clark says that since 2005 the Full Retirement Age has been 66. But as of January 1, 2017 it's now slowly climbing. To understand and verify your “Full Retirement Age” use this handy retirement age calculator.
- Check For Errors In The Statements You Receive From Social Security – The Social Security Administration can (and does) make mistakes. Look over those statements closely to see if there is an error.
- Raise Your Income – Seems like a silly one, but by raising your income (earlier) the greater your chances of raising your Social Security benefits!
- Understand The Rules About Working While Receiving Social Security Benefits – If you opt to take Social Security BEFORE age 66, AND you're still working – You'll take a $1.00 hit for every $2.00 you earn (over the $16,920 limit).
- Spousal Benefits Are Available – There are rules around spousal benefits, but your spouse could be eligible for social security benefits even if he or she hasn't work under in a social security governed workplace.
RELATED: MEDICARE REPLACING ID CARDS IN 2018
For 6 more tips on how to maximize your Social Security Check, visit Clark.com here.
The post How To Maximize Your Social Security Check appeared first on The Senior List.