And we're not talking about a small impact, either. According to the experts, making a few tweaks before you retire can help you earn as much as 30 percent more when it comes time to collect Social Security. Want to see how you can help increase your monthly payment? Keep reading to see what the experts say you will need to do right now to make a difference.
Want to make more money after you retire? According to Evan H. Farr, Certified Elder Law Attorney and Retirement Planner with Farr Law Firm, P.C., you'll need to wait a bit before you start claiming your payments.
Related: You Could Take a 50% Social Security Benefit Hit if You Make This Decision
Of course, delaying when you collect Social Security isn't the same as delaying retirement, according to Farr. "If you have a well-funded nest egg, or access to other sources of income, you can transition out of your main job, and still delay receiving Social Security," he says, adding that this may mean funding your own retirement for those first few years. "What you gain is a bigger, inflation-indexed lifetime benefit."
Only Retire After 35 Years of Work
"Social Security calculates your benefit off your highest 35 earning years," Christopher Walsh, Senior Financial Advisor and Regional Marketing Director at Capital Choice Financial Group, says. "If you only worked 30 years, you've got five zeros sitting in that calculation dragging your average down."
Related: 3 Worst States To Retire In If You Plan On Living On Social Security Alone
Talk to a Professional About Your Retirement
"You get one shot at that election. Married couples especially have strategies most people never think about, like having the lower-earning spouse claim early while the higher earner keeps accumulating so the surviving spouse gets a bigger benefit down the road," he continues. "That kind of planning gets missed constantly."
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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