Social Security Benefit Advice For Retirees

Social security is an important aspect of a comfortable retirement. It can provide you with a monthly income you can use for making life more comfortable when you retire. But all will depend on how much of the monthly benefits you will eventually get. Here are some valuable tips for retirees regarding getting the most out of your

Look Into Spousal-Related Benefits

If you are married, make sure that you look into the benefits that you are entitled to that are associated with your civil status. If you have little earned income, you should know that you are entitled to spousal benefits up to 50 percent of what your partner is entitled to. You can still be entitled to such benefits even if you end up divorced. You cannot collect on those benefits only when you remarry.

Delay Availing Your Benefits If Possible

One way to boost your Social Security benefits when you retire is by delaying it until you really need it. For every year that you delay availing of the benefits, you earn additional Social Security credits that translate into higher monthly benefits when you do retire. On the other hand, if you retire early in as young as 62, the benefits you receive will be reduced by around 25 to 30 percent.

Consider Relocating To Tax-Friendly Areas

If you wish to get the most out of your Social Security monthly payments upon retirement, getting them tax-free may be the best option. But this may sometimes require you to relocate to a state that does not tax your Social Security benefits. This may help increase the payments you receive that may otherwise just go to taxes.

 

Posted by Ardent Editor on Aug 14 2019 in Financial Planning Tags:

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