For most elderly people Social Security is an important part of their incomes after retiring. Getting the biggest benefit that you can get is therefore important.
If you have worked hard and paid into the Social Security system your entire life, then you deserve to get as much out of the system as you can. Many people, however, fail to do that because they do not understand how the system works. The Motley Fool recently offered some suggestions to get the most that you can from Social Security in "How to Increase Your Social Security Benefits." The suggestions include:
- Make a careful decision when to start taking Social Security benefits. While your lifetime benefits on average will not increase waiting to start receiving, Social Security will increase your monthly benefit amount.
- The more that you pay into Social Security, the greater your eventual benefits will be up to the maximum amount. For this reason, as well as more immediate reasons, it is a good idea to make as much money as you can working while you are able to do so.
- Retirement benefits are not the only available Social Security benefits. The disabled, surviving spouses and dependent children might also be eligible to receive benefits.
If you have questions about getting the most out of your Social Security, consult with an elder law attorney who understands how the system works.
Reference: Motley Fool (April 1, 2016) "How to Increase Your Social Security Benefits."