Most Americans are lagging behind in retirement savings.
Only few of them know Social Security secrets that can increase the retirement income.
You will be given as much as a $16,728 every year as the bonus.
There is a specific formula that will decide the amount of money that you will receive in your retirement process.
It is recommended that you know these hacks for generating higher payments in the future.
Now, lets see how you can maximize your social security check?
You need keep more work during your working days. Now, this seems stereotypical.. But there's a clear explanation for this...
The average monthly retirement payout was $1563 which accumulates to $18,750 per year.
In spite of that, last year's total benefit was only $3,895. So, to maximise these earnings, you need to expand your working life and begin getting these benefits till your 70.
Another way to increase your check is to ask for a raise every 2-3 years.
Moving to different companies is another way to show your worth and get some bigger paychecks at the same time.
As per the numbers, you need to get an extra $100 a week to boost your income by $5000 every year. That will land you more social security benefits in the future.
Wait! As long as you can. Generally, you can opt for Social security benefits at the age of 62. However, if you wait for longer, you will get a better retirement deal.
For each year you keep that money after your retirement period, they will grow like 8% every year. Indeed, most Americans cant afford to work till their 70s.