3 Ways to Score a Higher Social Security Paycheck
While you're able to claim Social Security benefits at age 62, this may not always be the best option. There are several ways to increase your paycheck if you know what matters most in the SSA's benefit calculation. Here we'll look at three things you can actually do to maximize your monthly checks.
This is simultaneously the easiest and the most difficult way to secure a higher Social Security check. On the one hand, you don't need to do anything, per se -- but the wait to receive benefits can be torturous in its own right.
You can expect a 30% reduction in your benefits if you take Social Security at 62 versus waiting until your full retirement age. Beyond FRA, you'll increase your retirement benefits by 8% a year until age 70. Beyond 70, waiting longer will not increase benefits. Spousal benefits max out at FRA.
Source Fool.com
