Although you may hear a whisper of bonuses to be claimed within the Social Security program, they don’t exist. With that being said, however, it is possible to take full advantage of Social Security benefits and additional enhancements. When managed correctly, you or a loved one could expect to live off a Social Security payout for decades. As such, you must reap all of the rewards set forth by this program.
Taking the opportunity to earn as much income as possible is one of the most significant components of a more extensive Social Security check. The Social Security Administration (SSA) bases payouts on a formula of your highest earnings over a 35-year period. However, you can still qualify for this so-called bonus if you don’t have 35 years’ worth of earnings. So fill up that grid with your highest-earning years before retirement.
By avoiding an early retirement, you give yourself the chance to accumulate more earnings for a higher Social Security payout. Although you may qualify to retire as early as 62 (or as late as 70) and claim your check, there are many reasons to avoid retiring early. For example, retiring at 62 means that you will experience a permanent reduction of your Social Security checks by as much as 30%. On the other hand, waiting longer to retire means you will receive an additional 8% for every year you put off retirement.
For individuals who haven’t worked throughout their lifetime, you may be eligible to receive benefits up to 50% through spousal Social Security. Additionally, once reach Full Retirement Age (FRA), regardless of marital status, you are entitled to receive benefits if you were married for a minimum of 10 years or more.
The cost-of-living adjustment (COLA) is a yearly “bonus” provided by the Social Security Administration (SSA). Essentially, the administration reviews payouts and adjusts them accordingly to meet the current inflation rate. So, for example, if there wasn’t much inflation in one particular year, the adjustment will be nonexistent. But recipients received a 5.8% COLA for 2022 due to rapid inflation rates, making it difficult for retirees to make ends meet.
Although Social Security doesn’t offer any bonuses to recipients, the tips mentioned above can increase your payout and make it last for years to come. By taking advantage of every avenue, waiting until 70 to retire, and paying attention to spousal benefits, you can boost retirement income and enjoy your golden years in comfort.
Contact Information:
Email: [email protected]
Phone: 3234811328
Bio:
For over 13 years, Jason Anderson has served as a Personal Financial Advisor, Estate and Retirement Planner, helping to educate individuals from all walks of life and income levels on wise money investment and planning for a comfortable lifestyle and retirement.
Over time, Jason Anderson has become the ‘Go-To’ leading authority on personal financial advising, financial planning, and analysis, as well as retirement planning and financial planning for SMALL BUSINESS OWNERS. He also provides HIGHLY Popular financial education seminars for groups. These financial seminars empower people to more effectively budget, plan, manage their money, and achieve their personal financial goals. As a result of the excellent results, praise, and feedback that their financial seminars have received, the City of Los Angeles, The AFL-CIO union groups, as well as several other organizations, have decided to partner with Jason to more effectively accomplish their mission. He was also honored to be showcased in the November 2014 issue of Forbes Magazine “Americas Financial Leaders” and has been dubbed by the media as ‘The Financial Educator.’
Jason is passionate about the work he does because it brings him joy to help his financial planning and advising clients reach their financial goals. He finds excitement in assisting families in saving and paying for their children’s college education without stress, thanks to the financial plans he designs for them. He also takes pride in witnessing clients reach retirement and enjoy it precisely the way they desire.
Personally, Jason finds joy in being a husband and father of two wonderful children. In his spare time, he enjoys traveling, sports, hiking, and reading.
He works with Employees, Business Professionals, Business Owners, and ‘High Net Worth’ People.
► Like to discuss your personal financial situation?
☏ Call Jason at (323) 481-1328 for a FREE Consultation
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Disclosure:
All annuity and life insurance products are designed to supplement securities as part of an overall plan. The recommendation of annuities and life insurance is not designed to eliminate the need for securities in any way.
