You've planted the seeds of your retirement by saving
and by making retirement account contributions every year.
And you've paid into Social Security with every paycheck.
Now, the time to harvest the fruits of your labor
is getting closer.
So how do you make sure you're maximizing your Social Security
income?
First, if possible, don't claim your benefits too early.
Picking that fruit too soon means your benefit
won't be as big as it could be.
Your full retirement age is between 65 and 67 years old,
depending on when you were born.
Waiting for your full retirement age
allows your potential benefits to increase.
Second, you might consider letting that fruit ripen
a bit more on the branch.
Waiting even longer than your retirement age
can have a big impact on your potential benefit.
In fact, your benefit is projected
to increase another 5.5% to 8% for each year you
delay past your full retirement age, up to age 70.
Sowing the seeds is the first step,
and having a strategy for receiving income
may help ensure that those hard-earned benefits are
properly harvested.
Make sure your approach is designed to maximize
your total benefits.