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Your Social Security payment amount is determined by how much you earn while working and when you choose to begin receiving payments. Married people are also eligible for spousal and survivor’s payments. Did you know there are multiple strategies you can use to increase the amount you’ll receive in retirement? Here’s how to get the highest Social Security payment you can qualify for.
Working at least 35 years and earning a high salary is a great start. Social Security payments are calculated using your 35 highest-earning years in the workforce. If you don’t work for at least 35 years, zeros are factored into the calculation and reduce your payments. Even a low-earning year is better than having a zero averaged in. The more you earn and pay into Social Security up to the taxable maximum of $132,900 in 2019, the higher your retirement payments will be. Additionally, working an extra year, even after you retire, could increase your future payments if you now earn more than you did earlier in your career.
Although it’s not exhaustive, the following list of common and uncommon Social Security planning strategies can help some people maximize their immediate and overall Social Security benefits.
We’d be honored to help you review your Social Security strategies to identify the best solution for your situation. Contact us for your complimentary consultation to make the most of your Social Security solutions.