The folks at the Motley Fool have published an article that touches on the important topic of how to get the most retirement benefits you can from Social Security. For too many Americans, their monthly Social Security benefits constitute the largest portion of their retirement income. The range is from one-third of their monthly income all the way to 90%.
Given how critical Social Security benefits are, it is vital to get the top dollar amount you are eligible for. To that end, the Motley Fool has set forth five great ideas. They are:
1. Work as long as you can to ensure that Social Security takes into account your thirty-five highest-paying years of employment
2. Don’t claim your Social Security retirement benefits until full retirement age. Ideally, wait until age 70
3. If you claimed Social Security retirement benefits before full retirement age, think about going off benefits until you do reach 70
4. Do the math to figure out the best way to claim benefits if you and your spouse both qualify
5. Pay as little as possible in income taxes on your Social Security retirement benefit.
Needless to say, I am not a financial expert. Do not make any decisions based on what I write. Instead, use this information to talk to your accountant and your financial planner. Listen to them and act accordingly. When you drive your Bentley to the country club for brunch one fine day, you’ll be glad you did.
