If you want to maximize your Social Security benefits, you’ve got to stack every advantage in your favor.
To set yourself up for success… you’ll need to avoid some common Social Security blunders.
1. Get a raise:
The more money you earn during your career, the bigger Social Security benefit you’ll get in retirement. Approach your boss and ask what you can do to earn a raise. I’m not asking you to just beg for more money. If your supervisor doesn’t cooperate… or if you’re capped out in your job role… start looking for other job opportunities. Learn a new skill set. Take on extra workload. Get a job at a different company.
Do something to increase your value in the work place. The increased income will benefit your retirement. And the extra money will help now, too.
2. Know your full retirement age:
Your Social Security benefits are calculated based on your lifetime earnings. But the age you file for Social Security can affect how much you get paid. If you want to avoid losing out on benefits, you’ll need to wait until you reach full retirement age to claim them. However, your full retirement age (FRA) is based on your birth year. Below is a table that lists the FRA for specific birth years:
3. Account for increased taxes on your earnings:
For 2019, the income cap for Social Security tax is increasing. High earners will have to pay a bit more money than they did in 2018. For 2018, the maximum taxable income for Social Security purposes is $128,400. In 2019, that limit will increase to $132,900. Higher earners will be subject to taxes on an additional $4,500 of income. Be ready to adjust your income as needed.
Social Security is there to help during your retirement years. But you’ll have to know the rules to get the full benefit from this program.
We can help you maximize your Social Security benefits. If you have questions or concerns, then just hit reply to let me know how I can help. It can be one sentence or a full paragraph. Feel free to ask me anything.
I want to make sure you get the help you need.