Whether you’re on the verge of retirement or starting young at your first job, questions about how to maximize your social security benefits may be on your mind.
There was a great question posted on AARP that highlights a few key factors of getting the most from your social security. A 50 year old is retired after 35 years of work and planning to begin social security retirement benefits at the age of 67, but wonders if not getting a paycheck for over 17 years will reduce his benefits.
Not working for those 17 years won’t hurt what he has already made, but it’s important to remember one key point: Higher earners generally get more in benefits than lower earners. This means that if 17 years of work could increase the average indexed monthly earnings, then he’ll be sitting better by the time he’s 67 years old and collecting social security.
As with any financial decision, the choice is personal. But it’s also your choice to figure out how much you could be missing out on. If you need help running this type of calculation, please feel free to contact me at firstname.lastname@example.org for more information.
Have another question about maximizing your social security? Please share by commenting below.
By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona