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How to secure a more robust Social Security check for life
People do not always understand how to maximize their Social Security, a benefit they’ll receive for the rest of their lives. The keys are actually simple, but they require some forethought and planning. First, one should try to work for 35 years, as that is how benefits are calculated. Anything less means a “zero” is plugged into the formula before dividing by 35. Second, one should wait until age 70 to get the absolute highest benefit possible, but certainly waiting until at least full retirement age (66 to 67 depending on birth year) still yields a better benefit than claiming at 62, as 62 is the age the guarantees the lowest monthly check for life. Third, the author suggests checking for errors in your benefits and earnings statement on-line with an account at the Social Security Administration. Read Maurie Backman’s full piece in The Motley Fool here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.