Preparing for Retirement? Here's Exactly How to Boost Your Monthly Social Security Payout
Is retirement on your near-term radar? If so, congratulations! You've worked hard. Now it's time to live life on your terms.
If Social Security is going to make up meaningful portion of your retirement income, however, there are several things to know and/or do before you call it quits and claim your monthly benefits. Here are five of the most important ones to consider if you're looking to maximize your eventual Social Security payout.
If you didn't already know, your Social Security payments are based on the 35 years you earned the most money. It's OK if you won't be working a full 35 years -- you can still collect. In these cases, the Social Security Administration (SSA) simply uses a zero as your earnings figure for every year less than 35 that you didn't work. You'll end up receiving smaller payments than a comparable earner that did work 35 years, but you're still eligible for retirement benefits.
Source Fool.com
