4 Social Security Moves That’ll Make You Richer
There's a good chance your Social Security benefits will constitute a large chunk of your retirement income -- maybe even the bulk of it. As such, it pays to do whatever you can to increase that crucial income stream. Here are a few key moves that'll help you do that.
Your Social Security benefits are calculated based on your average monthly wage during your 35 highest-paid years in the workforce, adjusted for inflation. But the age at which you claim those benefits will determine how much monthly income you collect.
If you file for benefits at full retirement age (either 66, 67, or somewhere in between, depending on the year you were born), you'll get the exact monthly benefit your earnings history entitles you to. File earlier, which you can do starting at age 62, and your monthly benefit is reduced.
Source Fool.com
