The retirement you want takes careful retirement planning. We believe there are five key pillars that help build a healthy retirement plan. One of those pillars is Social Security.
The Social Security benefits you receive in retirement are determined by a few factors. For instance, if you begin taking Social Security as soon as possible, which is age 62, the payout you receive will be less than if you waited until later. That’s because your Social Security benefits have to be spread out across more time.
Another factor is your work history. Many people don’t know that you have to achieve a specific total of work credits over your lifetime by working to receive Social Security. You achieve a work credit by making a certain amount of money per quarter, which means you can make four work credits in a year. You’ll require 40 work credits to qualify for Social Security in retirement.
In addition, making more money over your lifetime means you’ll receive higher Social Security benefits in retirement. The government takes 35 years of your highest-earning work history and averages it together to calculate how many Social Security wages you’ll receive in retirement. To maximize your Social Security benefits, you’ll want to earn as much as possible.
The timing of when you file for Social Security in retirement is also important. Many people now work later in life as the retirement age continues to rise.
At Hoffman Financial, we look at your Social Security benefits as one piece of your retirement planning. There are many different strategies for Social Security, and the right one for you may be different from someone else. We can discuss what Social Security strategies might work best for your situation so you can maximize your Social Security benefits.
As a well-known retirement planning firm in Atlanta, we work hard to make sure your Social Security plan aligns with your retirement goals and values. We never stop working for you so you can be proud of your retirement.
https://www.fool.com/retirement/how-work-history-determines-get-social-security.aspx
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