It is important for most seniors to plan for and receive the largest possible benefit from Social Security.
Since many people do not understand the Social Security system, they often do not receive the largest possible benefit check despite having worked most of their lives and contributing to the system. The Motley Fool recently offered some suggestions to get the most that you can from Social Security in “How to Increase Your Social Security Benefits.”
The suggestions include:
- Make a careful decision when to start taking Social Security benefits. While your lifetime benefits on average will not increase waiting to start receiving, Social Security will increase your monthly benefit amount.
- The more that you pay into Social Security, the greater your eventual benefits will be up to the maximum amount. For this reason, as well as more immediate reasons, it is a good idea to make as much money as you can working while you are able to do so.
- Retirement benefits are not the only available Social Security benefits. The disabled, surviving spouses and dependent children might also be eligible to receive benefits.
An elder law attorney who has strong knowledge of the Social Security system can offer advice before you make the final decision.
Reference: Motley Fool (April 1, 2016) “How to Increase Your Social Security Benefits.”
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