One of the great goals of all United States citizens is to reach the United States Social Security retirement age with the best possible benefit. This should be important for all retirees, but never neglect all other economic factors.
If we focus on getting the biggest possible check from Social Security in 2023, we can fall into the trap of forgetting that there are more factors that can affect our stability in the future.
In this order of things, there are three very basic tips we can follow if we want to have the most financial stability when applying for Social Security. Remember that we are not talking about getting the biggest Social Security every month, but rather that whatever retirement check we have, we will not run into financial problems during our golden years.
3 tips for having stability with your Social Security check
There are many more tips for getting great stability by the time we start collecting a Social Security check. What is certain is that these three tips are essential to forget about financial problems once and for all.
- Save. This tip is always on every list of economic tips, but it is true that it is the most useful of all. Think about whether you really need everything you buy and if not, save so that when the time comes to receive a Social Security check, you will have a good source of savings. The 4% rule can be ideal in these cases.
- Avoid credit cards. It doesn’t matter if you’ve already started collecting your Social Security check or not. Always avoid credit cards. Buying anything with this type of payment makes you pay a lot more money in the end. Use credit only in cases of extreme necessity.
- Look for passive sources of income. Either through sales of objects you don’t need or by re-renting parts of your home. We can also make a business in which we do not need to dedicate much of our time. This will make us have more money every month and, therefore, we will have a greater economic stability.
Besides this, it is obvious that we should increase our Social Security check to the maximum, but without becoming obsessed. Remember that you should work for 35 years, have a high salary during that time and delay the retirement age as much as you can. Only then will you get the biggest possible check from Social Security.