Ways to Optimize Your Social Security Benefits and Average Monthly Payouts Based on Age
Thursday, 18 April 2024, 10:15
Ways to Boost Your Social Security Benefits
The average benefit among retirees might surprise you. Social Security is more than just a social program for many retirees.
Age and Benefit Amount
- Claiming early reduces benefits by up to 30%.
- Delaying past full retirement age can increase benefits by 24%-32% per month.
- Your earnings history affects benefit amount.
Strategies:
- Delay Claiming: Consider filing at age 70 for higher payments.
- Work for 35 Years: Ensure a solid work history for a larger benefit.
- Approach Wage Cap: Increase income to receive higher benefits.
Understanding these factors can help you secure a financially stable retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.