If you learn more, you earn more. that’s the idea, especially when it comes to your social security. We are stretching your dollar with how to get the most out of that important paycheck.
USA Today out with a list of ways to get more out of your social security benefits.
First – check your social security work record for errors. The Social Security Administration maintains records of our earnings and uses its formulas to determine our eventual benefits. If its record of your earnings is wrong, though, you might end up receiving less than you’re entitled to.
Next- work for more years. 35 is best and that’s because the formula they use to calculate your benefits is based on your earnings in the 35 years in which you earned the most. So if you’re on track to work for just 28 years and then retire, know that they’ll be inserting seven zeroes into the formula, resulting in lower benefits for you.
Third tip – If you can, wait until age 70 to start collecting benefits. We each have a “Full retirement age,” at which we are entitled to receive the full benefits that we’ve earned based on our work record.
For most of us, it’s 66 or 67. For each year past that age that you delay starting to collect, your benefits increase by about 8%. So delaying from 67 to 70 will get you checks that are 24% bigger. There are no more increases after age 70.
Lastly, and this may sound crazy, but consider delaying your divorce, especially if you’ve been married just shy of 10 years. That’s because you have to be married at least ten years to collect benefits based on your former spouse’s earnings record.