5 Ways to Maximize Your Social Security

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Many seniors count on their Social Security to make ends meet, and below are tips to make sure you make the most of your benefits. Thank you for visiting us at Advocare. We provide Aging Life CareTM to area residents throughout the South Florida area. 

Social Security provides tens of millions of Americans with the income they rely on in retirement, and there’s always room for current and future recipients to squeeze more from their benefits. Especially with recipients getting no cost-of-living adjustment for 2016, it has never been more important to maximize whatever benefits you’re eligible to receive. Let’s look at five ways you can work to get more from your Social Security in 2016 and beyond.

1. Work as long as Social Security expects you to work.
In calculating your benefits, the Social Security Administration looks at your earnings over a 35-year career. If you work longer than that, then the SSA picks the highest-earning 35 years, indexing your pay to reflect inflation throughout your working years. If you work fewer than 35 years, however, the SSA simply puts in zeros to come up with average earnings, reducing your benefits. Those who have considered early retirement might want to think twice once they realize the impact such a move can have on their monthly Social Security checks.

2. Wait past minimum retirement age before claiming benefits.
You can claim Social Security benefits as early as age 62, but you’ll receive larger monthly payments if you wait. The chart below shows the impact that taking benefits at different ages can have on the size of your check.

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