Boosting Social Security: A Simple Way to Increase the Average Payment Up to $1,000
Your monthly Social Security benefit is based primarily on your career earnings and when you claim benefits. The first one is pretty straightforward: The more you earn over the years, the more you pay in Social Security payroll taxes (up to a certain amount), and the larger you can expect your monthly benefit to be.Increasing your earnings, however, is much easier said than done. On the other hand, you're likely to have more control over the timing of your claim, and waiting until after your full retirement age (FRA) to collect Social Security will increase your monthly benefit.It's a simple move that could increase the average retiree's monthly payment by $1,000 or more.Continue reading
Your monthly Social Security benefit is based primarily on your career earnings and when you claim benefits. The first one is pretty straightforward: The more you earn over the years, the more you pay in Social Security payroll taxes (up to a certain amount), and the larger you can expect your monthly benefit to be.
Increasing your earnings, however, is much easier said than done. On the other hand, you're likely to have more control over the timing of your claim, and waiting until after your full retirement age (FRA) to collect Social Security will increase your monthly benefit.
It's a simple move that could increase the average retiree's monthly payment by $1,000 or more.
