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Ways To Having Extra $1,983 or More On Your Own Social Security Checks

Earning More Than The Usual Social Security Checks
Retirees Earning More Than The Usual Social Security Checks. (Photo: NewYork LifeInsurance)

Earning $1,983 Extra or More in Social Security Checks

Upon the beginning of collecting Social Security benefits, you will receive an amount that is dependent on the number of years you worked, how much income you earn during those years, and the age at which you start claiming these benefits.

The importance of knowing how your benefits are calculated can do important improvements in your preparation for your Social Security which will ensure that you will collect the highest benefit possible when the time comes. Once you have already done these two, you could land an extra $1,983 in monthly benefits in the succeeding year which amounts close to $23,800 annually.

Earning more than the usual social security checks

Retirees Earning More Than The Usual Social Security Checks. (Photo: FlexJobs)

Delay Social Security As Long As You Can

Your monthly benefits or social security checks are highly relevant to the age at which you start claiming your social security benefits. According to a published post by SmartNews, if you were born after 1960 the FRA or the full retirement age at which individuals will be eligible for 100% of their Social Security Benefits is 67. However, there is an option of claiming your benefits as early as age 62 which will also give retirees a reduction of 30% to their benefits.

On the other hand, delayed benefits past your FRA can grow your monthly check. Each year past your FRA will result to an increase of 8% to your annual Social Security checks. Therefore, if you wait until age 70, the longest you can delay benefits, your monthly payments will be 24% higher than when you collect at age 67.

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