Getting any additional dollars in retirement will definitely come in handy. Social Security payments can become an important part of many retirees’ monthly income.
One thing that can boost your Social Security retirement benefits is to earn more money. In this way, you will pay more taxes to the Administration and you will have a higher benefit too. So, look for well-paid jobs, get promoted, and change jobs if necessary to get a higher wage.
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This is the best age to file for Social Security
Now you know that being a high earner can give you a better retirement benefit, let’s see when is best to file. If you would like to get the largest check possible for your work history, it is best to file at the age of 70.
Undoubtedly, this will be the age when you can receive more money from the Administration. This may not be suitable for you if you are in poor health, your job is too demanding, or for those who cannot find a job.
Social Security will give 70-year-olds who file 24% extra per month. Needless to say, this is a great boost but you will have to make the effort to work for 8 more years since you can file as early as 62.
Who can receive $1,169 extra from Social Security?
As a matter of fact, those American workers who qualify for $1,465 at 62 and delay retirement until they are 70 can get $1,169 extra. If you are not sure of the amount you could get in retirement, check your Statement.
Your Social Security Statement can give you detailed information regarding payment amounts at different ages. Visit SSA’s website to find out more about a Statement: https://www.ssa.gov/myaccount/assets/materials/statement-redesign-online.pdf
Some workers may simply retire when they reach Full Retirement Age. That is when a worker can receive 100% of their Social Security, so no extra money but no reductions either.