Tuesday, October 30, 2018

By Barbara Pronin The average Social Security check recently paid out was $1,417. But some checks were as high as $3,698. That’s a big difference, and while a combination of factors will determine your payout at retirement, financial editors at The Motley Fool suggest three smart moves you can make right now to get the most you can from the program:

Set up a ‘My Social Security’ Account. No matter how far you are from retirement, setting up an account on the Social Security website will let you know what you can expect to receive based on your earnings record, in addition to viewing updates as they are recorded. You can make address changes, correct errors which may increase your earnings, start or change direct deposit information and perform a variety of other functions. Most importantly, knowing how much you can expect to receive from Social Security will be helpful in making an overall retirement plan.

Maximize your benefits. Begin now to maximize your earnings. For example, you can begin collecting benefits at 62, but the longer you delay, the more your benefit  increases. In fact, for every year you delay beyond your retirement age, you increase your payment by eight percent. Married people have more options than singles in terms of collecting benefits and, married or single, working for at least 35 years will help boost your overall earnings. Now is the time to start calculating when and how your earnings will start.

Keep up with federal developments. Stay informed about Social Security-related issues. While some changes may need to be made, some representatives are actively looking to make notable changes. Keep up on what’s being considered, and make sure your representatives in Washington know what is most important to you.

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