Supercharge Your Social Security: A Retirement Game Changer

Money Explainers

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Don't settle for average! Learn 3 key strategies to increase your monthly Social Security payments and secure your financial future.
Maximize your retirement income! Discover how working smarter and delaying your claim can lead to bigger Social Security checks.
Your guide to a more comfortable retirement! Explore actionable tips to significantly boost your Social Security benefits.
#FinancialFreedom #RetirementPlanning#SocialSecurityBoost

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00:00tips to boost your social security payments social security benefits are a cornerstone

00:05of retirement for millions of americans but the average monthly benefit alone might not be enough

00:11to comfortably cover living expenses for many seniors while it's always advisable to have

00:17retirement income available outside of social security such as an individual retirement account

00:22or 401 plan securing larger monthly benefits from social security can significantly enhance

00:30your financial stability in your senior years the good news is there are several key moves you

00:36can make to potentially take home a lot more than the average monthly benefit here are three

00:41primary strategies to consider for boosting your social security payments one grow your wages while

00:47you're working the more money you earn during your working years it's the more social security you can

00:52receive in retirement up to a certain point social security benefits are calculated based on your

00:59earnings history there is an annual wage cap that determines how much of your income counts towards

01:05social security and is subject to social security taxes for example in the current year social

01:12security's wage cap is 176 100 earnings beyond this threshold will not result in larger future monthly

01:21benefits however if your income is below this cap increasing your wages can directly translate into

01:28higher social security checks if you currently earn 70 000 a year and manage to secure a promotion

01:35that boosts your salary to 75 000 this could lead to larger social security benefits in retirement

01:43similarly even padding your income with an extra three thousand dollars from a side hustle could result in

01:50more generous social security benefits down the line two work for at least 35 years your social

01:56security retirement benefit is based on your earnings during your 35 highest paid years in the workforce

02:04while you do you want necessarily need to work for a full 35 years to be eligible for social security

02:11failing to do so can negatively impact your benefit calculation this also holds true if you work more than 35 years

02:19especially if your income increases later in your career for instance if you reach your full retirement

02:25age which is 67 for those born in 1960 or later and you've already completed 35 years on the job

02:34working an additional 12 months could allow you to replace a year of lower pay with a year of higher pay

02:39thereby increasing your monthly social security checks if you don't have a 35 year work history a zero

02:46dollar will be factored into your benefits calculation for each year you didn't earn money however if you

02:52are willing and able to wait even longer delaying your social security claim can significantly boost your

02:57benefits for each year you delay claiming benefits beyond your fra your benefits increase by eight percent

03:05annually up until your 70th birthday these zero earning years can result in smaller social security checks

03:13conversely if you make an effort to work for at least 35 years you may qualify for larger social security

03:19benefits three delay your claim past full retirement age claiming social security at your full retirement

03:28age helps you avoid a reduction in your monthly benefits as you can sign up as early as age 62.

03:35of course there's a trade-off to delaying social security it might require you to work longer and if you

03:41don't live a very long life a delayed claim could potentially result in smaller lifetime benefits

03:48but if your health is strong and your goal is to receive a higher monthly social security payment

03:54holding off on claiming benefits is a guaranteed way to increase them money explainers

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