Come up with a Plan to Maximize Social Security Benefits

Claiming Social Security benefits can prevent you from using your retirement funds earlier than planned.

“Social Security can be an excellent supplement for your retirement income,” said Mack Bekeza, CFP at Millennial Wealth Management. “To know what your expected benefit can be, go to SSA.gov, create an online account, make sure that your earnings history is accurate and your estimated benefit should appear. Although the benefit won’t take care of all of your income needs, it is still worthwhile to utilize. Also, remember that there are numerous social security strategies to maximize your benefits.”

One sure way to maximize your benefits is to delay collecting them as long as you can.

“Delay starting to take your Social Security benefits as long as possible,” said Jon Bradshaw, president of Appointment. “That way, you can have those additional funds to help you during all types of potential recessions that may hit during retirement. It can mean a few extra hundred dollars a month, which can be valuable on a fixed income.”