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Retirement

What is the Maximum Social Security Retirement Check?

The average Social Security check is $1,372 per month, or $16,464 per year.

The highest Social Security check when initiating benefits at "full retirement age" (age 66 if you were born between 1943 and 1954) is $2,788 a month, or $33,456 a year.

The highest Social Security check when initiating benefits at age 70 is $3,680 a month, or $44,162 a year.

Three Questions to Ask Before Claiming Social Security

1. Am I in good health?

If yes, consider deferring benefits.

2. Will my claim affect anyone else?

Higher-earning spouses often benefit by waiting until their full retirement age or later to sign up for Social Security.

3. How reliant will I be on Social Security income?

If you don't have much in savings, and are in good health, consider continuing to work.

Using a Reverse Mortgage to Increase Social Security Benefits

Delaying initiation of Social Security retirement benefits can substantially increase your monthly benefit.

One way to delay your benefits is to borrow against the equity in your home though a reverse mortgage.

This can be a risky strategy, but it may be worth examining if you don't have savings, but you have substantial equity in your home.

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Not affiliated with the US Social Security Administration