Social Security Benefits
If you can wait until age 70 you will get a 32% boost in your social security benefits. That's 8% per year until you reach 70 years of age. So let's say at age 66 you are entitled to $1000 in benefits, at age 70 you would receive $1,320 a month in benefits.
Waiting until age 70 gives you a bigger income for the rest of your life no matter how bad the economy gets. Of course the one underlying factor of course is inflation. Since your social security benefit is a fixed income, inflation can eat away into that income.
From the history books we can see that the cost of living has only one direction and that's up. This is why it's so important to have an additional source of income, whether it is from a 401K plan or working part time to supplement your income.
Remember that social security benefits are taxable so the more you earn the more you are going to be tax on your gross income. Uncle Sam does not want to make it too easy for seniors to enjoy the remaining years of their life. So you will be taxed heavy for all your hard work.
Always check with a Financial Consultant to get the full picture of your finances and ways you may be able to avoid some taxes when it comes time for retirement.
Published by John Messina
I'm a freelance writer and have been producing web content for various writing sites. I also run a Technology News internet portal that has the latest breaking news in gadgets, consumer electronics, gamin... View profile
- Illinois Social Security Benefits Increase in 2009Illinois Social Security benefits increase in 2009.
- How to Successfully Apply for Social Security BenefitsMany people are denied social security benefits because they have not prepared themselves for the process. It is a long process, and there are ways to better your chances of receiving benefits.
- How Social Security Benefits Are Affected Upon RemarriageSocial security benefits help you when you need them most. But what happens when you remarry? It is important to understand how this will affect your social security.
- Social Security Solvency: How to Ensure Social Security Benefits, Cut 400 Billion...Social Security benefits need be in peril no more. My stunningly brilliant, simple plan to fix Social Security.
Women Receive Less Social Security Benefits and Rely on Them MoreWomen rely on their Social Security benefits more heavily than men and are more likely to spend their retirement in poverty, says a new report. What does this mean for public p...
- Guide to Social Security Benefits and Mental Illness
- Social Security Benefits: Advice for Baby Boomers
- Forms Needed to File Taxes on Social Security Benefits
- Tips on How to Decide When to Start Receiving Social Security Benefits
- What About Your Social Security Benefits If You Retire Abroad?
- How to Apply for Social Security Benefits
- Social Security Benefits for Mental Illness
2 Comments
Post a CommentWow I am passing this along to my mom, thanks!!!!!!
This is a very enlightening article. I've printed it out for my husband to read also. Great job. :-)