How To Maximize Social Security Income
Maximizing Your Social Security Benefits
Deciding when to claim your Social Security retirement benefits can have a major impact on your Golden Years. This financial planning decision can easily add additional $100,000 to $200,000 of income over retirement if you live to normal life expectancy ages.
Did you know that can get an automatic 8 percent increase on your monthly social security retirement check for each year you delaying starting your benefits after age 62?
A person can defer their benefit for a maximum of eight years, all the way to age 70. That means that is an automatic increase of 64 percent to your age 62 benefits.
Example: If your age 62 benefits are $1,000/month, your delayed benefits at 70 would be $1,640/month PLUS the Social Security Cost of Living increases during the eight years you delayed. So your actual age 70 benefits could easily be approximately $1,800/month including the Cost of Living increases.
Regency Wealth Management is able to create a very detailed personalized Social Security Retirement Maximization report which allows you to clearly see what is the breakeven year if decide the delay your benefit.
For married couples, it is important to maximize the larger of the two individual’s Social Security retirement benefit since that is what will be Survivor’s benefit after the first spouse passes away.