Four No-Brainers to Beat the Average Social Security Benefit
Robin Hartill notes surviving on the average benefit of $1,827 per month effective January 2023 yields only $21,924 a year, which is tough. However that’s the reality for those whose only source of income is Social Security. These benefits were never meant to be the sole source of money in retirement yet 25% of retirement-age people rely on Social Security for at least 90% of their income. The author lists four no-brainers to get that monthly check as high as possible: wait longer (until age 70 to maximize a benefit), boost income through raises or a second job, work 35 years to avoid any zeros in the calculation, and keep spousal and survivor benefits in mind. Full piece 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.