According to the National Social Security Association LLC, more than 90% of Social Security recipients receive less money than they are entitled to.  Failure to maximize Social Security Benefits can represent tens of thousands, or even hundreds of thousands, of dollars in lost retirement benefits; however, the rules governing Social Security income are complex and require careful consideration of available options and the individual’s personal situation.

Ways to Maximize Social Security Benefits

The following list summarizes the various ways to potentially maximize Social Security retirement benefits; however, identifying the optimal strategy should include an analysis that considers a person’s health, marital status, estimated benefits, and other financial resources.

Important Considerations

It is important to consider the following provisions of Social Security when deciding the optimal filing strategy to maximize lifetime benefits.

Conclusion

Disclosure:   The information provided in this article is for general educational purposes and is not intended to represent tax, legal, or accounting advice.  Individuals should discuss their unique circumstances with qualified professionals in these areas before making any decision.