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.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.