Latest News
Increasing your Monthly Social Security Payment - Yahoo! Finance
Well, who doesn’t want more in the monthly Social Security check? Very few, of course, and there are a few ways to increase your SS payments. This article describe a few “lesser known” rules which you can use to get a higher monthly payment, but be aware they are not without some sacrifice! This article explains that you can withdraw your SS benefit application withing one year of applying (but you’ll need to pay back all money SS has already paid you); you can also suspend your monthly payment after you reach your SS full retirement age and earn Delayed Retirement Credits (but you’ll need to foregoing you monthly payment until you reactivate them). And you can consider transferring your nest egg to a Roth IRA, which can be tricky because of the tax consequences of doing so (but may also help you avoid future income tax on your received Social Security benefits). On the latter point (but not discussed in this article), the so-called “one big beautiful bill” has greatly reduced income tax on SS benefits until tax year 2029). In any case, this Yahoo! Finance article by Motley Fool’s Katie Brockman explains how you can make your Social Security benefit a bit larger.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…