No-Brainers to Beat Social Security’s Average Benefit of $1,674
Kailey Hagen notes that being able to cover all one’s retirement costs with Social Security alone is difficult. Of course it was never intended to be a sole source of income. Thus, there are 3 strategies that all should employ to boost their monthly income for life: 1.) Work at least 35 years, as anything less than that means a “zero” in the benefit calculation for each year short of 35; 2.) Seize every opportunity to boost your income today; 3.) Apply for benefits at the right time, keeping in mind that the lowest monthly benefits are paid to those who claim at 62 and highest to those who wait until 70. 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.