Plan Your Retirement to Maximize Social Security Benefits

Understanding how to plan and what to do is essential when the time comes to retire. If you take the steps needed before the retirement age, you should have already nailed down a plan and be following it. A lot more people are now planning for retirement at a younger age to ensure that they are ready when it comes time to walk away from their careers. Even if you're not extremely successful, you should still find out ways to maximize your social security benefits in order to live comfortably without having to work. Consider some of these options and tips when figuring out how you can maximize your own social security and learning how to save for retirement.

What is Social Security in Retirement?

Social security benefits in retirement are what Americans get once they leave their career after many years. After you reach the retirement age bracket, you're able to collect what you've put away each month in order to supplement additional income from pensions, savings and retirement funds. This money can be any sum and is based on the money that you earned while working at your job. The Social Security office will do a calculation based on your pay schedule and pay amounts to get a number that is able to provide you with monthly checks. In order to stay away from having to pick up extra work during your retirement, check into ways that you can maximize your social security benefits while also being able to plan accordingly to add additional sources of income to your retirement pool.

Tips for Boosting Your Benefits

There are numerous tips out there on how to boost your benefits and maximize the social security that you obtain. Following these tips, while saving and having a retirement plan can help you ensure that you make the most out of your retirement when it comes.

• Delay claiming your benefits- They start at age 62, but they increase every year that you do not claim them, up to age 70. The longer you wait, the more you will receive.
• Utilize the spousal bonus checks- The benefits from your spouse's check will also pay you. This happens when the spouses check is 50 percent or higher than the check the other spouse receives.
• Try not to earn too much- A lot of the money that you make will then be withheld, so keeping it at the minimum might be the best way to go.
• Minimize your taxes- By claiming up to 85 percent of what you get after you take out all of the other factors you can minimize your taxes - If you're unsure on how to do this - speak with a tax professional.
• Get direct deposit- Since fees are associated with the other options that they are giving out. Paper checks are no longer an option, which means direct deposit is the only fee free way to go.
• Include your child if they are under the age of 18 or have a disability- You're able to receive more in social security benefits for them as well.
• If you're a widow or widower, you are entitled to a higher payout- This is true if the spouse's income was higher than yours when your spouse was alive.
• Perform a credit report check- This allows you to know how your credit score is to find out if you will qualify for loans in the near future or if you have any negative accounts that should be resolved.

Planning Your Retirement

Planning for your retirement ahead of time is essential in order to know that you have a security net to fall back on. By going through this list of "to-do's" you're able to create a working plan on what you're going to do for retirement. Do not forget to use the tips above to maximize your social security benefits.

• Start early and save as much money as you possibly can towards retirement.
• Open up a 401k plan since this is the easiest, most used and best savings plan that you can use for retirement purposes.
• Set more realistic goals for your retirement plan in order to meet them.
• Stocks are great to invest in for long term growth in order to get a decent payout during retirement.
• Working part-time while in retirement is able to give you extra spending cash, while also giving you something to do.
• Take money out of taxable accounts first and leave those accounts that are non-taxable alone for the time being.

Understanding all that goes along with social security retirement benefits can be beneficial to not only you, but those around you affected by your retirement. You should plan for a better future through planning and preparation. You shouldn't have to work after your retirement age unless you would like to for fun, you should be able to sit back and enjoy the rest of your life without the stress that might come with having a job by planning accordingly.

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