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How to Increase Your Social Security Check

Did you know that Social Security wasn’t originally intended to become a primary income source for people in retirement? Since a lot has changed since it was first introduced in 1935, Social Security planning has turned into a critical element in securing an income that should be sufficient in retirement. Don’t worry! An experienced financial advisor in 10601, can give you strategies that will help you maximize your benefits.



What You Can Do to Increase Your Social Security Check


Work at Least the Full 35 Years


Your lifetime earnings serve as the basis for the amount of your benefit as calculated by the Social Security Administration (SSA). Your earnings are adjusted and indexed so that the changes in your average wages during the years you received them are taken into account. To develop the benefit you’ll receive at your full retirement age. The SSA totals your earnings via an average indexed monthly earnings (AIME) formula from your 35 highest-earning years.


If you’ve experienced periods of unemployment or if you’ve entered the workforce late, those years will bring down the average because they will be counted as zeroes when they’re included in the formula. Furthermore, once you’ve worked at least the full 325 years, the average will increase because your earlier year of lower earnings will be replaced by each additional year of earnings.


Max Out Your Earnings Through Full Retirement Age


The SSA will calculate your benefit amount based on your earnings. This means that your benefit amount increases when your earnings do. If you’re a pre-retiree, it’s best to explore various ways to increase your income instead of scaling back on your work or semi-retire. Keep in mind that the money you earn after age 60 isn’t going to be indexed. Therefore, earning income in your 60s can replace a year in which you had lower or zero earnings.


Claim Your Spousal Benefits and Delay Yours


Were you and your spouse born before January 26, 2021? Have you both reached full retirement age? If so, you can choose to claim spousal benefits while you delay yours so that they can keep growing. By the time you reach 70, you can choose to switch to a higher benefit.



Looking for A Financial Advisor 10601?


At 1879 Advisors, we can help you with Social Security preparation. Schedule an appointment with us today.


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