How to Get the Most Out of Your Social Security Benefits

By:- Sahil Luthra

Delay Claiming Social Security Benefits

Delay Claiming Social Security Benefits

The simplest way to increase your monthly payments is to delay claiming Social Security benefits. The Social Security Agency allows  start benefits at the early retirement age of 62

Start Social Security benefits

Start Social Security benefits

there is an 8% annual increase in benefits due for each year you wait from full retirement age through 70.

The Social Security Administration uses your 35 highest-earning years to calculate your primary insurance amount (PIA), which is the monthly benefit amount you receive as of your full retirement age

Items You Need to Apply for a U.S. Passport

Items You Need to Apply for a U.S. Passport

Application Form - To complete the application for a passport book, card, or both together, first do one of the following: Fill out the application online. Fill out the application by hand. Personal documents

Maximize your future benefits.

Maximize your future benefits.

“The first $142,800 of income is subject to Social Security taxation and also used to calculate future benefits,” he notes. “If you are earning less than that figure, consider a second job or side hustle to increase your contributions

Collect Spousal Benefits

Collect Spousal Benefits

You either lack sufficient work history to claim Social Security benefits on your own, or your spousal benefit would be larger than the benefit you are entitled to.

Social Security disability payments.

Social Security disability payments.

you must either be at least 62 years of age or have a qualifying child under your care—either a minor child under the age of 16 or any child who is collecting Social Security disability payments.

Apply for Social Security Survivor Benefits

Apply for Social Security Survivor Benefits

“If you’re widowed and your deceased spouse’s benefit was higher than your retirement benefit, you are generally able to claim the higher of the two,” says Brotman.

Avoid the Social Security Tax

Avoid the Social Security Tax

Social Security benefits may be subject to federal income tax. How much goes to Uncle Sam depends on a somewhat complicated formula.

Fix an Early Social Security Benefits Mistake

Fix an Early Social Security Benefits Mistake

You can also boost your Social Security payments by correcting any previous errors. If you realize you took benefits too early and wish you’d waited

Use a Do-Over

Use a Do-Over

If you realize within 12 months of starting your benefits that you took them too early, you can undo your claim. “You’ll have to pay back the funds you received over that time

Suspend Benefits

Suspend Benefits

This option, however, is only available after you’ve reached full retirement age. By voluntarily suspending your benefit, you agree to stop receiving payments as well as acknowledge that any other benefits payable on your record

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