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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

132

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.

Subscribe to our Newsletter

No one best represents the struggle like our favorite 90s squad.

1. When course schedules are released and you have a conflict between two required classes.

2. When there is only one section of a popular course.

3. Receiving the 18,000 emails reminding you to register ASAP.

4. When you need to see an advisor, but they are too busy/unresponsive.

5. Trying not to dress like a bum for your appointments with your advisors/department heads.

6. When you have a perfectly planned out schedule, and one class ruins it.

7. Carefully moving things around to accommodate a different class/section.

8. Waking up at 6:00 a.m. for your enrollment time.

9. Concocting a new schedule at your enrollment time after your original plan gets changed.

10. Getting into a class and filling the last available seat.

11. When all of your classes finally go through.

12. Realizing that you forgot a class that was a pre-requisite for everything else.

When your capability of "adulting" is put to the test

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"Nobody living in one of the most influential nations in the world should be worried about making ends meet."

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2. When your professor is babbling on and on in his lecture.

3. When you edit your friend's paper and they get an A.

4. When it's 2 AM and you remember you have a test tomorrow.

5. When you finish taking the test and you're pretty sure you failed...

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7. When you've been up for 12 hours straight writing a paper.

8. And then you manage to stay awake in class the next day.

9. When you have to butter up your professor for an extra credit opportunity.

10. When you're assigned a group project.

11. And your group-mates are trying to chat about life instead of the assignment.

12. When it's your last class of the day and you're about to go home.

13. But then you remember rent is due tonight and the anger comes back.

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