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Boosting Your Monthly Social Security Benefit Payment
Getting the highest benefit payment you’re entitled to is a legitimate goal for seniors in their retirement financial planning, but how do you do that? Well, one of the most obvious steps is to defer claiming benefits as long as possible, and holding off until age 70 is still the best way to do that. Application of deferred retirement credits (currently 8% annually) to your full retirement benefit between full retirement age (FRA) and age 70 will produce the highest monthly benefit for you. That’s what many financial advisors will suggest.
But what if you’ve claimed benefits before FRA and now realize you need a higher monthly payment? Here’s where the “do-over” option comes into play. A Yahoo!Finance post by Chris Clark provides details on how this option works and its limitations. Check it out here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.