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Squeeze an Extra 24% Out of Social Security
Selena Maranjian reminds readers that Social Security is a vital program for older Americans that lifts nearly 10 million people out of poverty and provides 50% or more of retirement income for more than a third of older beneficiaries. There are multiple ways that you can increase your benefits. Waiting is the key. Those that don’t or cannot delay claiming are too often surprised and disappointed in the size of their benefit checks, the averaged in 2021 being only $1,560 per month. One of the most effective ways to beef up Social Security checks is to put off starting to collect them. Delaying can boost benefits by up to 24%, or even 32% for some people if they wait until maximum retirement age (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.