1. Wait To Claim Social Security
Here’s a tip that fits every retiree’s golden years plan. If you delay claiming your Social Security, you’ll be able to maximize your income later in life. Claiming benefits early will lead to incurring penalties, meaning less money in your bank account. Waiting for your full retirement age, which depends on the year you were born, won’t affect how much money you receive.
However, waiting until you’re 70 will ensure you’ll receive bigger checks. Why is this so important? Well, the older you get the more likely you are to rely on expensive services and budgeting is no longer an option.
For example, if your mobility starts to suffer you might find yourself paying extra for uber rides or taxis. If your health isn’t what it used to be, then you might be paying extra for medical expenses.
The money you receive from your Social Security will come in handy just as you need it most if you wait until you’re 70 to claim.
