Three Ways to Increase Social Security Retirement Benefits
These are pretty basic, but the three ways are :
1. Delay initiation of benefits
2. Ensure your earnings record is correct
3. Work a few extra years.
Not affiliated with the US Social Security Administration
SocialSecurityHop.com - An independent view of Social Security
These are pretty basic, but the three ways are :
1. Delay initiation of benefits
2. Ensure your earnings record is correct
3. Work a few extra years.
A Louisiana private investigator faces up to 5 years in prison and a $250,000 fine after he admitted using Donald Trump's Social Security number in an effort to find Trump's tax returns.
Although Trump is a high profile citizen, misuse of Social Security numbers can lead to similar charges.
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.
For these activities, you must either visit a Social Security office, or call the Social Security Administration at 1-800-772-1213.
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.
Thursday, Dec. 7, is the last day of Medicare’s annual open enrollment period, when decisions can be made about health and prescription coverage for 2018.
Good story from the Washington Post about the backlog of people waiting for determination of Social Security disability benefits.
The Post stated that in the last two years, nearly 19,000 Americans died waiting for disability. The wait has risen from around 350 days in 2012 to nearly 600 in 2017.
A report states that, in order to establish an online Social Security account at ssa.gov, the Social Security Administration must have access to your credit report to verify your identification.
Thus, before freezing your credit (to mitigate the risk of recent hacks), consider setting up an account at ssa.gov first.
In the past, replacing Social Security cards required a visit to a local Social Security office. However, now residents of 25 states can replace their Social Security cards online.
1. You have no retirement savings, so work until age 70 and start benefits then
2. You are the higher earning spouse
3. You're in good health and plan to live long
4. You're wealthy and generating sufficient income
Not affiliated with the US Social Security Administration