3 Ways to Score an Even Bigger Social Security Check
Social Security is the most important source of income for most retirees, but not everyone gets the same size check each month. Several factors determine your benefit amount, but understanding the system can help you get the most possible. Arm yourself with knowledge to make the best decisions around retirement age, benefit collection, and tax planning. A smart approach will result in a more comfortable retirement.
The easiest way to increase your monthly Social Security benefits is to start taking benefits at a later age. Full retirement age (FRA) is 67 years old for Americans born after 1960, and it's between 66 and 67 for people who were born from 1955 to 1959. You get 100% of your monthly benefit if you start taking payments at FRA. People can start collecting as early as age 62, but that can reduce your monthly payment by as much as 30%. Waiting until age 70 to take payments can increase your Social Security checks by 32%. There's no extra incentive to wait beyond your 70th birthday.
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Source Fool.com
