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top 10 social security tips

Top 10 social security tips that will impact your monthly income

  • wusup555
  • November 11, 2021

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Key Takeaways:

  • There are 2728 rules in the social security handbook.
  • It’s on you to make sure you make the right social security decisions for your family.
  • A mistake is often irreversible; though you can stop and restart taking benefits – if you do make a mistake.
  • Below are the top 10 social security tips you need to know – that will impact your monthly income.

Bonus Tip at End:

  • It’s too risky to rely just on social security for monthly retirement income. I’ll show you strategies to generate high monthly income with low risk – no matter how much you have saved. This supplemental income can help make retirement stress-free.

Top 10 social security tips you need to know:

Tip 1: Know the correlation between longevity, age, and social security income.

  • If you wait until 70 to collect your retirement benefit, your retirement benefit starting at 70 can be as much as 76 percent higher than your age-62 retirement benefit, adjusted for inflation.
  • If you expect to live until your 90’s (you have good genes and are healthy overall), it would make sense to use other retirement income sources until you hit 70 – at which point you can get the highest payout.

Tip 2: If you are married, have the lower-income spouse take retirement benefits at 62

  • If you are the low-earning spouse, it may be better to take your retirement benefit starting at age 62 and then switch to the spousal benefit you can collect on your current or ex-spouse’s account starting at your full retirement age or age 70.

Tip 3: There is no advantage to waiting to start collecting spousal benefits after you reach your full retirement age.

  • Topic says it all.

Tip 4: There is no advantage to waiting to start collecting survivor benefits after you reach your full retirement age.

  • Topic says it all.

Tip 5: Understand “deemed filing”

  • Deemed filing means that when you file for either your retirement or your spouse’s benefit, you are required or “deemed” to file for the other benefit as well.
  • This gets rid of a lot of confusion amongst retirees who previously had to use techniques like file and suspend, etc.

Tip 6: Continue to work into your 60’s if you can.

  • You can significantly raise your retirement benefits by continuing to work into your sixties.  You will also significantly raise the spousal, child benefits.

Tip 7: Get a pension? Understand the Windfall Elimination Provision.

  • If you are lucky enough to get a pension – the Windfall Elimination Provision impacts the amount of your retirement or disability benefit if you receive a pension from work where Social Security taxes were not taken out of your pay.

Tip 8: Understand Social Security Taxes.

  • Know that withdrawals from Roth IRAs are not taxed, but withdrawals from 401(k), 403(b), regular IRAs, and other tax-deferred accounts are.
  • Think about withdrawing from your tax-deferred accounts after you retire, but before you start collecting Social Security.
  • Look into moving to a state where there is no tax on social security income.

Tip 9: Stay married at least 10 years

  • Stay married for at least 10 years in order to collect spousal and survivor benefits from your ex-spouse if you get divorced.

See also:

The Best Strategy for High Retirement Income

 

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