Want a 24% Raise in Retirement? Here's How to Get It

want a 24 raise in retirement heres how to get it

Sumary of Want a 24% Raise in Retirement? Here's How to Get It:

  • It’s all about claiming Social Security strategically You’ll most likely be entitled to collect Social Security during retirement.
  • All you need to do is hold off on claiming them until you turn 70. Image source: Getty Images.
  • You’re actually allowed to start collecting Social Security beginning at age 62. But filing at that age will result in a reduced benefit for life because you’re not entitled to your full monthly benefit (which is calculated based on your earnings history) until you reach full retirement age (FRA).
  • Here’s what yours looks like, depending on when you were born: Year of Birth Full Retirement Age 1943-1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 or later 67 Data source: Social Security Administration.
  • For each year you delay your Social Security filing past FRA, your benefits grow 8%.
  • Once you turn 70, you no longer get credit for holding off on filing.
  • Of course, to be in a position to claim Social Security at 70, you may need to alter some of your retirement plans.
  • If your intent was to leave the workforce at age 67, for example, you may not be able to do that in the absence of having access to a Social Security check every month.

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