Social Security retirement benefits are something you should plan carefully. There is no need to rush or neglect them. Bear in mind that this benefit will be necessary to have a better financial situation. The first thing to take into consideration is the time to claim benefits. Make sure you do not claim it too early because you might end up getting a smaller check.
Then, check you have worked for the right number of years. Not working enough may imply getting less money for your Social Security retirement benefit. So it would be wise to delay retirement until you have worked for at least 35 years.
Social Security will use those 35 years to work out your benefit. If you have worked more than that, they will have to choose the ones in which your earnings were the highest.
Do not forget your Full Retirement Age
There are different Full Retirement Ages and they differ depending on when you were born. Make use of the Social Security Retirement Age Calculator. In this way, you can see when your FRA is and the remaining time you have got to increase your benefit as much as possible. Many people do not plan their retirement taking this in mind, which could lead to a smaller cheque.
Some workers are reluctant to keep working until they are 70. This could be a mistake because many retirees are facing difficulties to make ends meet in the USA. The current inflation and the soaring prices of almost everything are seriously affecting them. Some regret having retired and not being able to get by. Delaying retirement is something you should consider.
What about coordinating with your spouse?
There are many retirees who make the mistake of not coordinating with their spouses. Sometimes, people are so tired of working and long for retirement so much they forget about making the most of it. Claiming spousal benefits could boost your retirement cheque. Then, claim your benefits later than your spouse to let them grow bigger.
Another common mistake seniors make is to earn a lot more than they should after they get their benefits. In this way, you will have to pay if you exceed the limit Social Security set for 2023. It will affect those who are younger than Full Retirement Age, so watch out and make the most of your retirement benefit.