Please enjoy this 1-minute video (for those receiving this by email: please click on the blog title line above to view).
Most people are unaware of how Social Security benefits are determined. These three (3) elements are within your control to a certain degree. Don’t shoot yourself in the foot by ignoring something simple that you may do once you’re aware of how you may increase your benefits through a simple action on your part.
Notes to the video:
- Your highest 35 years of earnings are not necessarily consecutive and past years are adjusted for inflation so that all years are directly comparable to each other with inflation considered.
- The annual earnings limit changes each year. You may see what the current limit is here.
- In general, with some special exceptions, you may claim Social Security between the ages of 62 and 70. Early claiming results in a reduction in benefits compared to your normal “Full Retirement Age” (FRA) based on your birth year, where the benefit is 100% at that age, and waiting after your FRA to age 70 results in benefit increases over 100% called “Delayed Retirement Credits” (DRCs).
- Other articles on many more Social Security specifics may be found here.
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