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Need to bolster your retirement income? Here’s how - Yahoo! Finance
Of course, everyone wants to maximize their retirement income, but options for doing that as you approach retirement age are scant. You’ve already saved as much as you were able to over your lifetime, so your nest egg is set at whatever it is, with little time left to make it significantly bigger. But there is one thing you can do to make things easier for you in retirement. Social Security is a major part of retirement income for most Americans, and you can influence how much your monthly check will be. And it’s easier than you might think, but may require you working a bit longer. Although your SS full retirement age is when you get 100% of your earned benefit, it is also possible to get considerably more each month by simply waiting longer to claim your Social Security benefits. In fact, for those with a full retirement age of 67 who wait until they are 70 to claim, their SS benefit will be 28% higher each month for the rest of their life! And that might very well mean the difference between financial comfort and struggle in your retirement years. This Yahoo! Finance article by Maurie Backman explains.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…