Timothy Sumer

If you delay Social Security income after your full retirement age (FRA), you can get more each month. The SSA rewards you for waiting to take retirement income with a raise that amounts to up to 8% per month. That’s a big difference, and it’s a powerful way to maximize your Social Security income. That higher monthly income lasts for the rest of your life, and if a surviving spouse takes over your income payments, they will also get the increased amount. So, delaying Social Security benefits can benefit you as well as your loved ones. 🌞 Subscribe to this channel (it's free): Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments This video covers some of the basics of waiting to take benefits. You can delay until age 70, but after that, the increases stop, so there’s no point in waiting. And the extra income won’t affect a spouse who takes a spousal benefit off your work record (but again...

Get familiar with these basics of Social Security if you’re planning for retirement. It’s crucial to understand how Social Security works before you stop working. Your work history affects your retirement income, and choices like when you claim benefits can have lasting effects. A solid retirement plan for most people relies on Social Security. SSA estimates that the average U.S. retiree will replace 40% of their pre-retirement income with Social Security. That means you might need to also get income from other sources, such as savings and investments that you accumulate throughout life. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments Your full retirement age (FRA) is one of the most important things to understand. That’s because you typically get reduced benefits if you take income before that age. And waiting offers the opportunity for delayed retirement credits up to age 70. Your age at claiming ...

This video discusses five highly effective tips to maximize your Social Security retirement benefits. "5 Tips to Maximize Your Social Security Payment" discusses the Primary Insurance Amount, the Spousal Benefit, reducing or eliminating taxes on Social Security, how much you can earn before the SSA reclaims some or even all of your Social Security payment and how and when to use sophisticated software to analyze and organize all of your financial information so that you can make the best Social Security claiming decision for you and your family. FREE Retirement Ready Checklist: Holy Schmidt Book Club: Important Links: Follow Me on Instagram: Geoff's Facebook Page Federal Reserve Board Survey of Consumer Finances: Social Security Administration Application for Benefits Current Social Security Cost of Living Adjustment Social Security Payment Estimator THE CHANNEL’S MOST POPULAR VIDEOS Should You Take Social Security at Age 62 and Invest it? ...