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Three Strategies to Boost Your Monthly Checks

Social security benefits are designed to replace forty percent of the pre-retirement income; however, many retirees depend on their benefits to cover most of their bills.

Chris Mcdonald

May 28, 2020

University of Florida

128

Three Strategies to Boost Your Monthly Checks

Most of the individuals retired, depending on their retirement checks, according to the social security administration. For these individuals, a lot is riding on social security, which can make or break your retirement plans.

Whether you rely on your social security benefits to make ends meet or you only want to increase the size of your checks, described below are some strategies that can help you to be successful.

Delay claiming benefits

One significant factor that can affect the size of the check is the age you claim it in. If you claim your check in the full retirement age, which is 67 years, you will receive the benefits you are eligible for.

However, if you want to collect a check that can afford your bills and extra payments, then you can delay claiming your benefits until after the full retirement age. This retirement bonus can be generous with an extra twenty-four percent each month if you wait to claim it at the age of seventy. If your age for retirement is before 67, then you can receive even a bigger check for your social security benefits. With this notion, it is important to keep in mind that if you wait beyond seventy, you won't receive any extra benefits by doing so.

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Delaying may be the smartest choice, but it is not for everyone. This is why it is important to find an advisor or representative such as Defenders for You and more to make sure you don't miss out on anything.

Work at least for 35 years

As mentioned above, claiming your security benefits before may affect on the amount you receive every month, another factor which may be able to add to your retirement check is the years you have served in working. Your basic amount is calculated based on your 35 earning years' experience. The social security administration averages your income based on those years and adjusts it for inflation, which results in your security benefits.

You can also benefit from working for more than 35 years and increase your income. You can replace the earlier years of your income and increase your income and higher average with a larger social security benefit amount.

Take advantage of all the benefits you're entitled to.

Most retirees are entitled to standard retirement benefits, but there are other social security benefits you may be entitled to, such as spousal, divorce, and survivors. Even if you have never worked a day in your life, but you may be eligible for your spouse's or former spouse's work records. To get the benefits, you must be married to someone who is eligible to receive retirement benefits.

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Survivors' benefits are a little different from spousal benefits as they are available for many different family members and not just spouses. If the deceased individual was entitled to receive benefits, the widower or widow is eligible to claim the security benefits after 60 or more.

Divorced spouses can also claim the survivor's benefits. Not just that, the children, parents, and other family members in certain circumstances.

The social security might not typically notify you if you are eligible for these benefits. Make sure to do your research and apply for the benefits, so you don't miss out on extra cash. If you are slim going to retirement, you may end up depending on social security benefits to make ends meet.

Recent published work:

https://www.ebaumsworld.com/blogs/three-strategies-to-boost-your-monthly-checks/86279951/

https://www.linkedin.com/pulse/three-strategies-boost-your-monthly-checks-haripal-singh

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.

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Three Strategies to Boost Your Monthly Checks

Social security benefits are designed to replace forty percent of the pre-retirement income; however, many retirees depend on their benefits to cover most of their bills.

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We are well aware that it's not even Thanksgiving yet.

1. Decking the halls AKA decorating before Thanksgiving.

2. Playing Christmas music all day long.

3. Christmas movie marathons.

4. Getting offended when someone hates Christmas.

5. Drinking holiday themed drinks.

6. Buying ugly Christmas sweaters.

7. Using every chance to talk about Christmas.

8. Baking Christmas cookies.

Don't waste your time trying to write that paper when there are so many more interesting things you could be doing.

1. Meditate

2. Groom yourself

3. Eat lots of chocolate

4. Go for a walk

5. Netflix and chill

Who could be a better friend than your own sister?

1. She's your number one fan…and you're her's.

2. It feels like you guys can communicate telepathically at times with just a look.

3. Fights last for about two minutes because you find something funny and have to show them.

4. Concerts in your car are a regular thing.

5. You have an innumerable amount of inside jokes that are always funny.

6. When she gets clothes it's like you're getting new clothes too.

7. She's seen you at your worst and doesn't judge you…but has taken pictures to remind you.

8. She always knows just what to say to cheer you up…or what food (or drink) to make you if words aren't working.

9. She's the first person to jump to your defense.

10. You have a permanent best friend.

You're gonna make it after all.

1. Google is your best friend.

2. Don't be afraid to say no!

3. Justify your actions/purchases.

4. Call mom.

5. Remember to do things that make you happy.

I'll be the first one to admit I'm addicted to Starbucks.

1. You have a Gold Card

2. You know how to use the mobile app like it’s the back of your hand

3. You mobile order is saved and ready to order with the push of a button

4. The baristas know you by name

5. You can’t get through the day without at least one Starbucks

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