5 Tips To Increase Your Social Security Check in Retirement 😏

(Don’t forget to checkout the video of this blog too!)

When you are getting ready for retirement, social security has to be taken into account as one of your guaranteed, lifetime income sources.

It will likely be an integral piece of your retirement income plan.

Social security is nothing more than an income annuity backed by the federal government.

It also happens to be the absolute best inflation-protected income annuity in the world.

Also, if you can delay collecting your social security past your full retirement age (FRA), you will have the only guaranteed 8%/year investment in the world that is backed by the US government.

How’s that for safe money?!

So you may not love everything about social security (trust me, I don’t either) but you might as well maximize the benefits for your own retirement… I mean you did pay into it for all of those years.

So, here are 5 ways to do exactly that:

✅ Work at least the full 35 years

Your benefit amount is based on your lifetime earnings over 35 years, so for every year less than 35 that you work, the income for that year will be counted as $0 (reducing your annual retirement benefit).

✅ Max Out Earnings Through Full Retirement Age (FRA)

Many people will scale back their work and “semi-retire” which can lower their social security benefits in retirement, instead shoot to maximize your income in any way that you can (business income, part-time work, etc.). 💪🏻

✅ Delay Benefits

Once you reach Full Retirement Age (usually between 66 and 67) you can delay your benefits and have your benefit increase by a guaranteed 8% per year until age 70 (this is a 🔑 concept if you have other retirement assets that can provide you with retirement income until age 70).

✅ Claim Spousal Benefits & Delay Yours

If you and your spouse were born before Jan. 2, 1954, and have both reached full retirement age, you can claim spousal benefits and let your own benefits keep growing. Then, when you reach age 70, you can switch to your higher benefit (this will maximize the amount of money that both you and your spouse receive from social security)!👏

✅ Avoid Social Security Tax

By keeping your “provisional income” low enough, you can prevent your social security from being taxed at all, allowing you a completely tax-free retirement 😏

If you fall short of this, anywhere between 50% and 85% of your social security benefit payments can be subject to federal taxes (which you want to avoid at all costs).

When you’re approaching retirement you want to do a a thorough income and tax analysis to ensure that you’re maximizing income and minimizing taxes as much as possible. 😎

I can help 🙋🏻‍♂️ Let’s chat 💬