🤯 Learn more about this topic HERE: https://www.medicarefaq.com/faqs/differences-between-medicare-and-social-security/ ➡️ Work with a highly skilled Medicare Advisor today: https://rates.medicarefaq.com/
Social Security and Medicare go hand in hand. If you are retiring soon, it is important to know how to maximize your Social Security to make the most out of your retirement.
WE CARE ABOUT YOUR MEDICARE #socialsecurity #socialsecurityretirement #medicareandsocialsecurity
SUBSCRIBE: Did you find this video helpful? Subscribe to our channel for more informative Medicare videos! Be sure to hit the bell to be notified when we publish a new video: https://www.youtube.com/@Medicarefaq
CHECK OUT OUR WEBSITE: Our online resource center is built to give you unbiased information regarding your Medicare coverage choices: https://www.medicarefaq.com/
MEDICARE FACEBOOK COMMUNITY: Join our exclusive Medicare Facebook community! Whether you're a current Medicare beneficiary, taking care of a loved one on Medicare, or will be aging into Medicare shortly, this is your sales-free Medicare resource center: https://www.facebook.com/groups/MedicareFAQ
Social Security is a financial safety net for millions of retired Americans. Did you know that the average Social Security benefit for retired workers is only around $1,800 per month. And if Social Security is your only source of income in retirement, That means your monthly check will be used to pay for your housing, transportation, food, and other daily activities. This can become a challenge, especially in today's economy. Your Social Security benefits are based on your earnings history and the age at which you claim them. But, did you know that you can increase your benefits with some planning? Here are some ways you can maximize your security benefit. One powerful strategy to maximize your Social Security benefits is to delay your retirement. By delaying retirement and claiming Social Security benefits beyond full retirement age, you can significantly increase your monthly benefits. Let's break it down. Social Security benefits are based on your full retirement age, which is typically between 66 and 67 depending on the year you were born. However, You can delay Social Security and earn retirement credits all the way to age 70. These credits can increase your monthly benefit, by as much as 8% per year. After 70, you will no longer receive delayed retirement credits. Another effective strategy to maximize Social Security benefits is optimizing spousal benefits. This strategy allows you to claim benefits based on your spouse's earnings. You may be wondering how this works. So let's break it down. If one spouse has a higher earning history than the other, The lower earning spouse may be eligible to receive spousal benefits based on the higher earning spouse's work history. This can allow both you and your spouse to receive the income of the highest earner, resulting in a higher overall household benefit. Your Social Security benefits are calculated based on your highest 35 years of earnings. If you continue to work and earn higher wages, it can replace some of your lower earning years, ultimately increasing your Social Security benefit amount. Planning for retirement requires careful consideration and strategic decisions. By understanding how Social Security works and implementing smart strategies, you can maximize your benefits and enjoy a more secure retirement. Thank you so much for watching this video, we hope you enjoyed it. Be sure to like and subscribe, and we'll see you in the next one. Bye.