Maximize Your Social Security Benefits by Understanding 2 Key Rules
Unlocking Increased Benefits with Social Security
Retired workers, especially those born in 1960 or later, can benefit tremendously by strategically claiming Social Security. Many retirees might not realize that the timing of their claims makes a substantial difference. By opting to claim at 70 rather than at the age of 62, individuals can increase their monthly benefits by up to 77%.
Key Rule 1: Claiming at the Right Age
- Claiming benefits early reduces monthly payouts.
- Waiting until 70 maximizes long-term benefits.
Key Rule 2: Navigating Full Retirement Age
Understanding your full retirement age is essential. For those born in 1960, this age is 67. If benefits are claimed before this, expect a reduction in the amount.
Transform Your Retirement Income
Taking the time to learn these two rules can significantly enhance retirement income. Evaluating personal circumstances against these strategies ensures that retirees can maximize their Social Security benefits.
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.