Getting the Maximum Social Security Benefits
June 16, 2009
Now that you understand a little more about how Social Security works, and how important this income stream can be to your retirement, here are some tips to help you get the maximum Social Security benefit you are entitled to:
Maximize Your Social Security Earnings
Your retirement benefit is based on your top 35 years of earnings so it’s important to get as many “high earning” years in as possible. If you’re at the top of your career as far as income goes, working just one year longer in a high paying job could make a big difference in your retirement benefit.
Delay Taking Your Social Security Benefits
Under the current Social Security Act, you are penalized for every month you take your Social Security before you reach your full retirement age, with the maximum penalty being 25%.