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8 Strategies to Enhance Social Security Benefits
Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and compare service and is not an investment adviser. The articles, interactive tools and other content are provided to you free of charge as self-help tools, and for informational purposes only. They do not intend to provide financial advice. NerdWallet is not able to guarantee the accuracy or applicability of any information in regard to your particular situation. The examples are hypothetical and we suggest that you seek advice from a qualified professional regarding specific issues with investments. Our estimates are based upon past performance of the market, and past performance is not a guarantee of future performance. We believe that every person should be able make financial decisions confidently. Although our site does not feature every business or financial product in the marketplace however, we're confident that the guidance we offer and the information we offer as well as the tools we design are impartial, independent easy to use and free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where those products appear on the site), but it does not affect our suggestions or recommendations that are based on thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .
8 Strategies to increase Social Security Benefits
Delaying your start date is a way to maximize your monthly return, but there are other options worth looking into.
by Liz Weston, CFP(r) Senior Writer | Personal finance economics, credit scores Liz Weston, CFP(r) is a personal financial columnist, co-host of"Smart Money," the "Smart Money" podcast Award-winning journalist and author of five books about financial matters, among them the bestselling "Your Credit Score." Liz has appeared on numerous national radio and television programs including"Today" show "Today" program "NBC The Nightly News,"" The "Dr. Phil" show, as well as "All All Things Considered." Her columns are published through The Associated Press and appear in a variety of media outlets weekly. Prior to joining NerdWallet she wrote for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She lives in Los Angeles with a husband, a daughter and a golden retriever that is co-dependent.
Dec 21, 2022
Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news efforts, and also manages the team that is responsible in expanding NerdWallet content to additional topics in personal finance.
In the past, he worked as a channel manager for MSN.com, as a web manager at the University of California San Diego, and as an editor for copy and staff writer for The Los Angeles Times. He holds an undergraduate degree of Arts in communication and an M.A. Arts in Anthropology.
A majority of the products we feature are provided by our partners who compensate us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. However, this doesn't influence our opinions. Our views are our own. Here's a list and .
The investing information provided on this page is for solely educational purposes. NerdWallet is not a broker or advisor. or brokerage services neither does it suggest or counsel investors to purchase or sell particular stocks, securities, or other investments.
MORE LIKE THIS
Understanding how to boost Social Security benefits is important as these checks will likely be the main source of your retirement income.
Many people do not know the way Social Security really works. They make claims too early, miss out on important benefits and don't take advantage of strategies that can boost their income over the course of their lives. The consequences of their mistakes could be up to $250,000, according to research.
Here are eight ways to boost your Social Security benefits.
In this article and Show More
1. Do not delay your application
Social Security retirement benefits rise by 5to 7 percent each year that you delay between the earliest age of claiming, 62, and the retirement age at full retirement, which is currently two months and 66. reaching 67 for those born in 1960 or later.
The amount you earn increases if you can wait beyond your retirement age. increase your earnings by 8% for every year you hold off applying until age 70, when your benefit maxes out.
Pro tip: The majority of people are better off delaying due to the large body of research that takes into account the longer lifespans, prevailing rates of interest and survivors' benefits. A lot of financial planners advise their clients to use other sources of income, for instance retirement funds, if that lets them put off applying.
2. Work longer
Social Security is based on the highest earning 35 years. You could be eligible to increase your benefits by working longer if you'll be able to replace one of your lower-paid years with a higher-paid one.
Individuals who had time off to care for children or had other breaks from their jobs might find that working for longer hours to help increase their benefits. (Note the fact that, if you start Social Security early, continuing to work could temporarily reduce your benefit.) In addition, a woman's salary is more likely than a man's to increase later in life, thereby increasing the chance of earning money from continuing to work.
Pro Tip: If you apply for Social Security early, your benefits will be cut by one dollar for every $2 you earn above an amount that is capped, which is $21,240 in 2023. This earnings test disappears at your full retirement age, so it's usually better to wait until then to apply.
3. Earn more
Another option to increase the amount of your next Social Security pay is to maximize your earnings over as many years as you are able to. "Maxing out" in 2023 means you've earned $160,200 or more, which is the highest amount of income subject to the 6.2% Social Security payroll tax. If you earn the maximum amount in all 35 of your top-earning years, then you'll qualify for the highest Social Security benefit at your full retirement age. That's $3,627 a month in 2023.
A tip for self-employed people will try to limit the portion of their income that's subject to taxation on payroll, but that maneuver can come back to bite them when it's time to apply for Social Security. Paying a bit more taxes in the short run can pay off in the form of a lifetime stream of higher income, adjusted for inflation.
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NerdWallet rating is decided by our editorial team. The scoring system for online brokers and robo-advisors is based on taking into account more than 15 variables which include account fees, minimums, investment options customer service, and mobile app functionality.
NerdWallet rating The ratings of NerdWallet are made by our editorial staff. The scoring formula used for online brokers and robo-advisors takes into consideration more than 15 aspects, including account fees and minimums, investment choices as well as customer service and mobile app capabilities.
NerdWallet rating NerdWallet's ratings are decided by our editorial team. The scoring formula used for online brokers and robo-advisors take into account over 15 factors, including account fees and minimums, investment options as well as customer service and mobile app capabilities.
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Account minimum $0
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4. Consider your spouse
Some lower-earning spouses could get more from taking an spousal benefit rather than getting their own retirement benefit. Spousal benefits may be up to 50% of what the higher earner earns at her fully retired age. The amount is discounted when it is started earlier. In general, the spouse who earns the most to receive an annual retirement income for the other partner to get a spousal benefit. Prior to this, people with higher incomes could "file and then suspend" to increase their own earnings however, that's no longer an option.
When you apply, Social Security will compare the benefits of your spouse against your own retirement benefits and award you the greater of both. In the majority of cases, you won't be able to switch from benefits from a spouse to your own benefits later on, even if your own benefit is larger. (People born before the date of. 2 1954, are given the option of submitting a "restricted applications" for spousal benefits only and then switching to their own benefit later.)
Couples should also take into consideration survivor benefits while taking Social Security decisions. If one spouse dies, the survivor is entitled to only one check, which is the largest than the other two check that the couple received. The loss in income due to the lost check can be substantial. Couples can mitigate the impact by making sure the remaining check is as large as is possible. It is usually necessary to have the earner with the highest earnings delay the beginning of Social Security, preferably for at least a few years until full retirement age.
Pro tip: Coordinating benefits with a spouse can be a challenge. Take a look at an Social Security claiming calculator to explore your options. You can find a free version on the AARP site and you can also buy more sophisticated version at Social Security Solutions ($20 and up) or Maximize My Social Security ($39 and up).
5. Investigate divorced spouse benefits
If you're not married but your previous marriage was for at least 10 years, you may be eligible for spousal benefits depending on your ex's employment history. The amount can be up to 50 percent of the employee's benefits when he or she reaches fully retired age. If you get married, however the benefit for divorced spouses stops. You must be at or above 62 to get spousal benefits.
If your ex-partner died and your marriage lasted at least 10 years, then you could qualify for survivor benefits that can be as high as 100% of the ex's benefits. You may remarry at age 60 or older (or 50 and older when you are disabled) and still be eligible for benefits for divorced survivors. Benefits for survivors and divorced survivors can begin at age 60 or 50 if the survivor's disabled or at any other age if you're taking care of your ex's child who is less than 16 or is disabled (and in that case, the 10-year marriage requirement is not required). Survivors may switch to their own benefit later , if the amount is greater or more substantial, and vice versa.
Pro tip: Your ex has to be at or above 62 for you to qualify for divorced spousal benefit. However, the spouse is not required to receive his or the benefit of his or her own. (That's distinct than regular benefits to spousal, which typically need the worker who is primary to be in before the spouse can receive anything.) The benefits for survivors are based on what your ex was getting or could have received at the full retirement age. (If your ex delayed the start of benefits beyond full retirement age, the survivor benefit is enhanced by the delayed retirement credits.) If you start benefits before the age of full retirement, however, the amount you get will be reduced.
6. Add your minor child
If you're a recipient of Social Security retirement or disability benefits, your child could be entitled to an additional check. Minor children who are not married may receive up to 50% of the primary worker's retirement or disability benefits. This child benefit typically ends at the age of 18, but it can continue to age 19 in the case of a child who is at high school. Benefits for children are offered to people who are 18 and over if they are disabled and the disability began before turning 22.
There is a "family maximum" that restricts the amount an entire family can receive on the basis of one worker's earnings history. The maximum amount is between 150 188% and 150 percent of the monthly salary at full retirement age. If the total benefits for your family exceed the maximum, the worker would continue to receive a check that is not reduced, however the checks for dependents will be cut in proportion.
Pro tip: Family benefits, including the benefits for spouses and children, can be subject to the Social Security earnings tests and can be reduced or eliminated if the primary worker receives benefits earlier however, they continue to work.
7. Suspend your benefit
If you started Social Security early and decided that was a mistake, you may be able to stop receiving your benefits once you reach . That will allow your benefit to accrue credits for delayed retirement, which will increase the amount you receive by 8% each year until you reach 70, when your benefit maxes out. You do not have to repay the benefits you've received.
Suspending your benefit, however will also affect the benefits of those who are receiving checks based on your job record, for example, spouses or minor child. The possible increase in your benefit could not be enough to offset the loss of your dependents' benefits.
Pro tip Pro tip: Sometimes Social Security workers incorrectly tell people they cannot stop benefits. If that happens to you take them to this page on the site.
8. Make a second attempt
If you decide to change your mind within one year of submitting for Social Security, you can make a withdrawal and pay back everything you've received in benefits. That will restart the clock on your benefits , so that you'll get the 7% - 8percent increase in your annual benefits by the delay of your application. This can only be done once throughout your life You can't revoke your application within 12 months.
Pro tip: Withdrawing your application is not the same as suspending your benefits. You can stop receiving your benefits by writing or orally at anytime after you reach the full retirement age. In order to withdraw, you must fill out Social Security Form SSA-521 in the first a year of applying and pay a sum equal to all benefits your family and you have received, including any Medicare premiums that are deducted from your check.
The author's bio: Liz Weston is a columnist for NerdWallet. She is a certified financial planner as well as the author of five money books including "Your credit score."
Similar to...
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Join us and we'll send you Nerdy content on the financial topics which matter to you the most as well as other strategies to help you make more value from your money.
Here's more info on $255 payday loans online same day direct lender (https://creditnd.ru/eloanrsf.ru&$255%20Payday%20Loans%20Online%20Same%20Day/) look into our webpage.
Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and compare service and is not an investment adviser. The articles, interactive tools and other content are provided to you free of charge as self-help tools, and for informational purposes only. They do not intend to provide financial advice. NerdWallet is not able to guarantee the accuracy or applicability of any information in regard to your particular situation. The examples are hypothetical and we suggest that you seek advice from a qualified professional regarding specific issues with investments. Our estimates are based upon past performance of the market, and past performance is not a guarantee of future performance. We believe that every person should be able make financial decisions confidently. Although our site does not feature every business or financial product in the marketplace however, we're confident that the guidance we offer and the information we offer as well as the tools we design are impartial, independent easy to use and free. How do we earn money? Our partners pay us. This could influence the types of products we write about (and where those products appear on the site), but it does not affect our suggestions or recommendations that are based on thousands of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. .
8 Strategies to increase Social Security Benefits
Delaying your start date is a way to maximize your monthly return, but there are other options worth looking into.
by Liz Weston, CFP(r) Senior Writer | Personal finance economics, credit scores Liz Weston, CFP(r) is a personal financial columnist, co-host of"Smart Money," the "Smart Money" podcast Award-winning journalist and author of five books about financial matters, among them the bestselling "Your Credit Score." Liz has appeared on numerous national radio and television programs including"Today" show "Today" program "NBC The Nightly News,"" The "Dr. Phil" show, as well as "All All Things Considered." Her columns are published through The Associated Press and appear in a variety of media outlets weekly. Prior to joining NerdWallet she wrote for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She lives in Los Angeles with a husband, a daughter and a golden retriever that is co-dependent.
Dec 21, 2022
Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news efforts, and also manages the team that is responsible in expanding NerdWallet content to additional topics in personal finance.
In the past, he worked as a channel manager for MSN.com, as a web manager at the University of California San Diego, and as an editor for copy and staff writer for The Los Angeles Times. He holds an undergraduate degree of Arts in communication and an M.A. Arts in Anthropology.
A majority of the products we feature are provided by our partners who compensate us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. However, this doesn't influence our opinions. Our views are our own. Here's a list and .
The investing information provided on this page is for solely educational purposes. NerdWallet is not a broker or advisor. or brokerage services neither does it suggest or counsel investors to purchase or sell particular stocks, securities, or other investments.
MORE LIKE THIS
Understanding how to boost Social Security benefits is important as these checks will likely be the main source of your retirement income.
Many people do not know the way Social Security really works. They make claims too early, miss out on important benefits and don't take advantage of strategies that can boost their income over the course of their lives. The consequences of their mistakes could be up to $250,000, according to research.
Here are eight ways to boost your Social Security benefits.
In this article and Show More
1. Do not delay your application
Social Security retirement benefits rise by 5to 7 percent each year that you delay between the earliest age of claiming, 62, and the retirement age at full retirement, which is currently two months and 66. reaching 67 for those born in 1960 or later.
The amount you earn increases if you can wait beyond your retirement age. increase your earnings by 8% for every year you hold off applying until age 70, when your benefit maxes out.
Pro tip: The majority of people are better off delaying due to the large body of research that takes into account the longer lifespans, prevailing rates of interest and survivors' benefits. A lot of financial planners advise their clients to use other sources of income, for instance retirement funds, if that lets them put off applying.
2. Work longer
Social Security is based on the highest earning 35 years. You could be eligible to increase your benefits by working longer if you'll be able to replace one of your lower-paid years with a higher-paid one.
Individuals who had time off to care for children or had other breaks from their jobs might find that working for longer hours to help increase their benefits. (Note the fact that, if you start Social Security early, continuing to work could temporarily reduce your benefit.) In addition, a woman's salary is more likely than a man's to increase later in life, thereby increasing the chance of earning money from continuing to work.
Pro Tip: If you apply for Social Security early, your benefits will be cut by one dollar for every $2 you earn above an amount that is capped, which is $21,240 in 2023. This earnings test disappears at your full retirement age, so it's usually better to wait until then to apply.
3. Earn more
Another option to increase the amount of your next Social Security pay is to maximize your earnings over as many years as you are able to. "Maxing out" in 2023 means you've earned $160,200 or more, which is the highest amount of income subject to the 6.2% Social Security payroll tax. If you earn the maximum amount in all 35 of your top-earning years, then you'll qualify for the highest Social Security benefit at your full retirement age. That's $3,627 a month in 2023.
A tip for self-employed people will try to limit the portion of their income that's subject to taxation on payroll, but that maneuver can come back to bite them when it's time to apply for Social Security. Paying a bit more taxes in the short run can pay off in the form of a lifetime stream of higher income, adjusted for inflation.
Advertising
NerdWallet rating is decided by our editorial team. The scoring system for online brokers and robo-advisors is based on taking into account more than 15 variables which include account fees, minimums, investment options customer service, and mobile app functionality.
NerdWallet rating The ratings of NerdWallet are made by our editorial staff. The scoring formula used for online brokers and robo-advisors takes into consideration more than 15 aspects, including account fees and minimums, investment choices as well as customer service and mobile app capabilities.
NerdWallet rating NerdWallet's ratings are decided by our editorial team. The scoring formula used for online brokers and robo-advisors take into account over 15 factors, including account fees and minimums, investment options as well as customer service and mobile app capabilities.
Fees of $0 per trade for trading online U.S. stocks and ETFs
Costs $0.005 per share As low as $0.0005 with volume discount
Fees $0 per trade
Account minimum $0
Account minimum $0
Account minimum $0
Promotion: Get $100 when you open an account with Fidelity that is eligible for a new account that has at least $50. Use code FIDELITY100. Only for a short period of time. Terms apply.
Promotion Exclusive! US residents who open a new IBKR Pro individual or joint account and receives 0.25 percent reduction in rate for margin loans. Tiers apply.
Promotion up to $600 when you invest in a brand new Merrill Edge(r) Self-Directed Account.
4. Consider your spouse
Some lower-earning spouses could get more from taking an spousal benefit rather than getting their own retirement benefit. Spousal benefits may be up to 50% of what the higher earner earns at her fully retired age. The amount is discounted when it is started earlier. In general, the spouse who earns the most to receive an annual retirement income for the other partner to get a spousal benefit. Prior to this, people with higher incomes could "file and then suspend" to increase their own earnings however, that's no longer an option.
When you apply, Social Security will compare the benefits of your spouse against your own retirement benefits and award you the greater of both. In the majority of cases, you won't be able to switch from benefits from a spouse to your own benefits later on, even if your own benefit is larger. (People born before the date of. 2 1954, are given the option of submitting a "restricted applications" for spousal benefits only and then switching to their own benefit later.)
Couples should also take into consideration survivor benefits while taking Social Security decisions. If one spouse dies, the survivor is entitled to only one check, which is the largest than the other two check that the couple received. The loss in income due to the lost check can be substantial. Couples can mitigate the impact by making sure the remaining check is as large as is possible. It is usually necessary to have the earner with the highest earnings delay the beginning of Social Security, preferably for at least a few years until full retirement age.
Pro tip: Coordinating benefits with a spouse can be a challenge. Take a look at an Social Security claiming calculator to explore your options. You can find a free version on the AARP site and you can also buy more sophisticated version at Social Security Solutions ($20 and up) or Maximize My Social Security ($39 and up).
5. Investigate divorced spouse benefits
If you're not married but your previous marriage was for at least 10 years, you may be eligible for spousal benefits depending on your ex's employment history. The amount can be up to 50 percent of the employee's benefits when he or she reaches fully retired age. If you get married, however the benefit for divorced spouses stops. You must be at or above 62 to get spousal benefits.
If your ex-partner died and your marriage lasted at least 10 years, then you could qualify for survivor benefits that can be as high as 100% of the ex's benefits. You may remarry at age 60 or older (or 50 and older when you are disabled) and still be eligible for benefits for divorced survivors. Benefits for survivors and divorced survivors can begin at age 60 or 50 if the survivor's disabled or at any other age if you're taking care of your ex's child who is less than 16 or is disabled (and in that case, the 10-year marriage requirement is not required). Survivors may switch to their own benefit later , if the amount is greater or more substantial, and vice versa.
Pro tip: Your ex has to be at or above 62 for you to qualify for divorced spousal benefit. However, the spouse is not required to receive his or the benefit of his or her own. (That's distinct than regular benefits to spousal, which typically need the worker who is primary to be in before the spouse can receive anything.) The benefits for survivors are based on what your ex was getting or could have received at the full retirement age. (If your ex delayed the start of benefits beyond full retirement age, the survivor benefit is enhanced by the delayed retirement credits.) If you start benefits before the age of full retirement, however, the amount you get will be reduced.
6. Add your minor child
If you're a recipient of Social Security retirement or disability benefits, your child could be entitled to an additional check. Minor children who are not married may receive up to 50% of the primary worker's retirement or disability benefits. This child benefit typically ends at the age of 18, but it can continue to age 19 in the case of a child who is at high school. Benefits for children are offered to people who are 18 and over if they are disabled and the disability began before turning 22.
There is a "family maximum" that restricts the amount an entire family can receive on the basis of one worker's earnings history. The maximum amount is between 150 188% and 150 percent of the monthly salary at full retirement age. If the total benefits for your family exceed the maximum, the worker would continue to receive a check that is not reduced, however the checks for dependents will be cut in proportion.
Pro tip: Family benefits, including the benefits for spouses and children, can be subject to the Social Security earnings tests and can be reduced or eliminated if the primary worker receives benefits earlier however, they continue to work.
7. Suspend your benefit
If you started Social Security early and decided that was a mistake, you may be able to stop receiving your benefits once you reach . That will allow your benefit to accrue credits for delayed retirement, which will increase the amount you receive by 8% each year until you reach 70, when your benefit maxes out. You do not have to repay the benefits you've received.
Suspending your benefit, however will also affect the benefits of those who are receiving checks based on your job record, for example, spouses or minor child. The possible increase in your benefit could not be enough to offset the loss of your dependents' benefits.
Pro tip Pro tip: Sometimes Social Security workers incorrectly tell people they cannot stop benefits. If that happens to you take them to this page on the site.
8. Make a second attempt
If you decide to change your mind within one year of submitting for Social Security, you can make a withdrawal and pay back everything you've received in benefits. That will restart the clock on your benefits , so that you'll get the 7% - 8percent increase in your annual benefits by the delay of your application. This can only be done once throughout your life You can't revoke your application within 12 months.
Pro tip: Withdrawing your application is not the same as suspending your benefits. You can stop receiving your benefits by writing or orally at anytime after you reach the full retirement age. In order to withdraw, you must fill out Social Security Form SSA-521 in the first a year of applying and pay a sum equal to all benefits your family and you have received, including any Medicare premiums that are deducted from your check.
The author's bio: Liz Weston is a columnist for NerdWallet. She is a certified financial planner as well as the author of five money books including "Your credit score."
Similar to...
Find a more reliable broker
See NerdWallet's recommendations for the most reliable brokers.
Dive even deeper in Investing
Find out more money-saving strategies - straight to your inbox
Join us and we'll send you Nerdy content on the financial topics which matter to you the most as well as other strategies to help you make more value from your money.
Here's more info on $255 payday loans online same day direct lender (https://creditnd.ru/eloanrsf.ru&$255%20Payday%20Loans%20Online%20Same%20Day/) look into our webpage.
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