This Move Could Add an Extra $70,000 to Your Lifetime Social Security Benefit
When it comes to Social Security, most people focus on the size of their monthly checks, but that's only part of the story. If you want the most money possible, you need to maximize your lifetime benefit, which means taking into consideration how long you'll receive these checks. Here's one simple trick you can use to add over $70,000 to your lifetime Social Security benefit.
First, it's important to understand how the government calculates your Social Security benefit. Basically, it keeps track of the income you've paid Social Security taxes on every year of your working life. When you apply for Social Security, it totals up your income for the 35 highest-earning years, adjusted for inflation. Then, it runs this through a formula based on your birth year to determine your primary insurance amount (PIA).
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Source Fool.com
