Millions of retirees depend on Social Security to stay afloat financially. Whether you're close to retiring or working out that milestone, the moves you make in the coming year could improve your benefits. Here are three things you can do to boost your Social Security payments.
1. Hold off on filing
If you were born in 1953, then 2019 is the year in which you'll reach your full retirement age for social security purposes.
you're not required to claim benefits as soon as you reach full retirement age. If you delay benefits past that age, you'll grow them by 8% a year automatically until you turn 70, at which point the incentive to wait runs out. Therefore, if you're turning back to 70, you'll wind up collecting 132% of your original monthly benefit once you finally file. If you would like to spend $ 1,980 – for life.
2. Fight for a raise
We just learned that the age at which you can save your monthly benefit payments. These are initially calculated based on your earnings – specifically, your highest 35 years of earnings. Therefore, the more money you make each year, the more you stand to collect from social security.
CareerBuilder. Reports job reports CareerBuilder. So if you approach that conversation strategically, there's a good chance it will just boost immediate income, but a boost in benefits down the line.
exactly what you're worth. Dig up data that proves what your employer can do better.
3. At the same time, prepare a list of ways to add value to your company. Report errors on your earnings record
The more you earn during your career, the higher your social security benefits stand to be. But if the Social Security Administration (SSA) has misled information about your earnings history on file, you may end up being nosediving in the process. So it's crucial to review your annual statement. For example, $ 64,000 when it was in fact $ 74,000, that's when it was calculated, so you'll want to get it fixed as soon as you can.
Keep in mind that the SSA will not mail you a copy of your annual earnings statement unless you're 60 or older. If you're younger than 60, you'll need to create an account on SSA's website and access your earnings record there. If you are in error, report it immediately. At the same time, you have not done so many years, three months, and 15 days to correct your mistakes. 19659009] The actions you take (or not take in the case of filing) during 2019 could be the stage for a lifetime of higher benefits down the line.