RETIRE IN STYLE--BOOST YOUR SOCIAL SECURITY CHECK
Everyone views retirement fund as a safe haven during old age, and given today’s tightening economic situation, many are clamoring to increase their savings in order to have a stress-free settlement in the future. Social Security Check, which was invented during the early 1900s , have largely contributed to every individual’s struggle to boost the money they set aside every payday to prepare for retirement. Although your current salary every month is likely to be enough to sustain you later in life, wouldn’t it be nicer to be a little more secure, and a little more certain on your available funds during retirement age? Aside from allowing you to live comfortably after years of hard work, having a bit of extra in your savings may also equate to a few bonuses, such as a nice vacation in another country. Hence, it would be quite convenient if you will start exploring measures to increase your Social Security Check. Not sure how? Here are a few tips to give you an idea.
Bear all those stress for a few more decades
Your final benefit will be calculated depending on your earnings during your highest 35 years of work history. Any gaps in this time frame such as years of temporary unemployment will not be included in the count, hence lowering the final sum of money you will be receiving. However, if you have completed the aforementioned years of work without stops, every additional year will replace previous years of lower income.
Upgrade your career every now and then
Your SSA will be based on the amount of your earnings, so it would be best for you to make the most our of your peak working years and strive to bolster your earnings to reach or go beyond the annual cap of $118,500. You may add another business to your work, or have a part-time job, depending on your available time, in order to add a bit to your present salary.
Benefits can wait...except for those owned by your spouse
If you delay your benefits even after your full retirement age (FRA), you are entitled to an increase of 8% for every following year until your reach 70. Of course, the amount you will get will still depend on your delayed retirement credits per year, but still, this is another good way of ramping up your retirement savings on your social security account.
Yes, it’s wise to delay your benefits, but spousal privileges are another thing. The earlier you claim this while your partner is delaying his or her benefits, the better because the one receiving the benefit may switch to a full one upon reaching FRA. However, you have to be aware of the necessary requirements such as 10 years of marriage to your spouse. Moreover, this strategy is perfect for those couples who differ in terms of income.
While it is a good idea to still have a source of income even after retirement, keep in mind that this also means being subject to tax. Benefit payments also have taxes, which will be determined by the IRS. To avoid this, you may spread out your wages from different resources to prevent increases that may raise your taxes.
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