Building a large enough nest egg for retirement is becoming more challenging day by day, which means that people will be relying on Social Security. If you’re like most people, you probably think of Social Security as a retirement benefit. But according to Bill Schantz of Mid Atlantic Financial LLC, did you know that there are actually several ways to boost your benefits?
Here are the four little-known ways to boost your social security benefits according to Bill Schantz:
1. Work for at least 35 years
The longer you work, the higher your benefits will be. That’s because your benefits are based on your highest 35 years of earnings. So if you can manage to work for at least 35 years, you’ll be in good shape.
2. Earn more money
This one is pretty simple: the more money you earn, the higher your benefits will be. So if you can boost your earnings, you’ll see a corresponding increase in your benefits.
3. Delay claiming benefits
You can start collecting Social Security as early as age 62. But if you wait until later, your benefits will be higher. For every year you delay claiming, your benefits will increase by about 8%. So if you can wait until you’re 70, you’ll get the highest possible benefits.
4. Get credit for your spouse’s work history
If you’re married, you may be able to get credit for your spouse’s work history. This can boost your benefits significantly, especially if your spouse has a higher earnings history than you do.
How to Maximize Your Social Security Benefits According to Bill Schantz?
If you’re like most people, you’re probably wondering how to maximize your social security benefits. After all, social security is one of the most important safety nets that we have in this country.
Here are a few tips to help you get the most out of your social security benefits:
1. Know your options
There are a lot of different ways to claim social security, so it’s important to understand all of your options before you make a decision. You can claim benefits as early as age 62, delay benefits until age 70, or choose to receive a lump-sum payment instead of monthly benefits.
2. Review your social security statement
Every year, the Social Security Administration sends out statements to workers who are eligible for benefits. This statement provides estimates of your future benefits based on your current earnings. Be sure to review your statement carefully so that you have a good understanding of how much you can expect to receive in benefits.
3. Stay up-to-date on changes
Social security is an ever-changing program, so it’s important to stay up-to-date on the latest news and information. This way, you can be sure that you’re getting the most out of your benefits.
Following these tips can help you maximize your social security benefits and enjoy a more comfortable retirement.
Final Word from Bill Schantz
So there you have it: four little-known ways to boost your Social Security benefits. Bill Schantz says that if you take advantage of even one or two of these strategies, you could see a nice increase in your benefits. So it’s definitely worth considering!