Getting Your Maximum Social Security Benefit

Wanna game the Social Security system in retirement?  That is, squeeze the most juice out of it?  Get your maximum Social Security benefit? Well, listen up. Don’t just belly up to the bar and sign up for monthly checks without reviewing your own particular or you might leave money on the table. You can get more money — a lot more money — if you know the rules.

For instance, Maurice, did you know that you can get $2800 a month instead of $2000 a month in Social Security benefits if you go past full retirement age before demanding your cut? That’s a big chunk more. Is there a catch? No. Nope. Non. And nyet. You just have to know the rules.

Here’s the deal. If you are healthy and expect to cash your chips at the death window in your 80s or beyond you’d be a fool to skip this opportunity. The Social Security system says that you can defer receiving monthly benefits and RAISE YOUR MONTHLY TAKE up to age 70. And the take lasts as long as you do. Well who the hell would want to do that? Anyone who expects to live into their 80s and doesn’t really need the money right now.

Lemme give you a fer instance. Let’s say you’re approaching retirement age and you’re in good health, and you like your job. At full retirement, say age 66, you get $2000 a month. But retirement in your mind sucks, because you don’t want to spend your time polishing your retirement Cadillac all day and pulling weeds. So you plan to slow down but not retire per se. If you know what I mean. Well Sport, if you work in retirement and bring home some bacon you are taxed on the bacon and taxed on the Social Security payments you bring in.

Well that sucks. What?!!!  Go back. If you work in retirement and are receiving Social Security payments you are taxed on the Social Security payments. BUT you can game the system, I promise. If you can get by on what you are making  including maybe pinching a little from your IRA each month you get an 8% raise each year you don’t take Social Security.

This is not rocket science. Stay with me. If your Social Security benefits are $2000 a month at age 66, but you wait to age 70 you get $3000 a month PLUS cost of living increases on the higher amount. OK, but didn’t you throw $2000 a month for four years down the toilet? Of course you did! Nintey-six thousand dollars ($96,000). Four years times $24,000 a year.

BUT! If you live to age 78 you get all that money back! And if you live to age 85 or 90 you have gamed the system big time, baby!

 

Speak Your Mind

*