3 Social Security Rules You Should Know by Heart
Social Security is a retirement income stream millions of seniors rely on. Whether you're close to claiming benefits yourself or years away, it never hurts to familiarize yourself with how the program works. Here are a few rules it pays to commit to memory.
The monthly benefit you get from Social Security isn't arbitrary, nor is it universal. Rather, it's calculated by taking your average monthly wage during your 35 highest-paid years in the workforce, adjusting that number for inflation, and then applying a special formula.
This means you have the power to boost your Social Security income by extending your career if you haven't yet put in 35 years, or by increasing your income with a side job while you're still working. Improving on the job skills front could also raise your monthly retirement benefit -- the more valuable an employee you are, the more you might get paid.
Source Fool.com
