A recent national Gallup poll suggests that about ninety percent of retired people rely on social security income. Consequently, there are a couple of tricks that can be used to get a greater boon from social security. Essentially, social security lets seniors take a do-over type approach on the condition they decide to take their benefits early. Moreover, where folks retire is key as some states have friendlier tax policies for social security benefits and are more lenient on retirement income as well.
Key Takeaways:
- For many retirees and pre-retirees, Social Security will play an integral role in ensuring that their month-to-month expenses are taken care of.
- While the program isn’t going bankrupt, demographic shifts, which include the retirement of baby boomers and lengthening life expectancies, could wind up pushing benefits lower across the board.
- The obvious way to boost your Social Security income is to simply wait to file for benefits.
“Your FRA is a dynamic number that’s based on your year of birth, and it represents the point at which you become eligible for 100% of your benefits. Retire before your FRA, and your benefit could see a reduction of 25% to 30% from what it would be at your full retirement age. Wait until age 70, the point at which benefits stop accruing, and it could be anywhere from 24% to 32% higher than at your FRA. Waiting as long as possible means a juicier benefit later.”
http://time.com/money/4575457/use-these-tricks-to-get-a-bigger-social-security-check/
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