Photo: Pixabay

How can I maximize my Social Security benefits?

7 Tips to Help Maximize Your Social Security Benefits Check your earnings record. ... Consider delaying your claim. ... Work longer – even for a year or two. ... Claim spousal benefits. ... Don't forget about your ex-spouse. ... Understand the impact of earned income. ... Avoid or minimize taxes.

pnc.com - 7 Tips to Help Maximize Your Social Security Benefits | PNC Insights

How do you air out a room at night?

You need to improve your ventilation. Before you go to sleep, crack open a window to allow the stale air to escape and fresh air to replace it. If...

Last updated Sep 25, 2018

Does cinnamon keep away cats?

Strong spicy aromas like pepper, curry, and cinnamon also tend to ward off cats. However, we do not recommend using cayenne pepper or other pepper...

Last updated May 31, 2021

Awaken your dormant DNA ability to attract wealth effortlessly

Promotion

TEXT VERSION

1. Check your earnings record

Since this information will be used to calculate your benefits, verify that all your earnings have been credited correctly on your Social Security earnings record.

2. Consider delaying your claim

Every year you delay claiming past age 62, your benefit will increase until it maxes out at age 70. This sets the base for the benefits you’ll receive for the remainder of your life. Note, your full retirement age (FRA) depends on your birth year. For those born between 1943-1954, claiming at age 62 results in an approximately 25% reduction in your benefit versus claiming at your FRA of 66 (100%), while waiting until age 70 increases your benefit by nearly 32%.

3. Work longer – even for a year or two

Your benefits are based on your top 35 years of earnings. If you have worked less than that, a zero will be assigned to any non-earning years. Consider working longer to negate any zeros or to take further advantage of top earning years if you find yourself in them. Both can help increase your benefits for life.

4. Claim spousal benefits

If married, you are entitled to the higher of your own benefits or 50% of your spouse’s benefits at FRA.

5. Don’t forget about your ex-spouse

If you were married for at least 10 years and have not remarried, you might profit by claiming benefits based on your ex-spouse’s earnings record. To do so, your benefits must be less than what you would receive from your ex-spouse’s earnings record and you must be at least age 62.

6. Understand the impact of earned income

If you work while receiving Social Security benefits and earn over the IRS income limit prior to reaching your FRA, your benefit will be reduced by $1 for every $2 earned over the limit. Note, your benefits will be recalculated when you reach your FRA.

7. Avoid or minimize taxes

A portion of your Social Security benefits may be subject to federal income taxes if you have substantial income from other sources (i.e., wages, interest, dividends), in addition to your benefits. Keep an eye on your provisional income and earnings limits and consult your tax advisor. Everyone’s situation is unique and there are many factors (i.e., your savings, health, expected longevity, income need, etc.) to consider when determining what role Social Security will play in your retirement income strategy. Contact a PNC Investments Financial Advisor who can help you navigate your options and develop a customized retirement plan that accounts for all your income sources. Call 855-PNC-INVEST or stop by your local branch today.

Where was the last sighting of the Ark of the Covenant?

One of the most famous claims about the Ark's whereabouts is that before the Babylonians sacked Jerusalem, it had found its way to Ethiopia, where...

Last updated Feb 23, 2018

What is the golden rule of finances?

The Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending. In layman's terms...

Last updated Mar 31, 2021

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

What matters most in retirement?

1: Happy retirees work at staying healthy. What good is money if you cannot enjoy it? The majority of retirees say that good health is the most important ingredient for a happy retirement, according to a Merrill Lynch/Age Wave (opens in new tab) report.

kiplinger.com - 7 Surprisingly Valuable Assets for a Happy Retirement - Kiplinger

Retirement planning is all about numbers. It centers around one question: Do my financial assets — pension, 401(k)s/IRAs, Social Security, property, sale of a business, etc. — provide enough income to fund my desired retirement lifestyle?

At least, that is what most people think. But ask any retiree, and they will likely tell you that it is only half the story. You’ll need enough money to get by, of course, but you don’t have to be super wealthy to be happy. In fact, life satisfaction tops out at an annual salary of $95,000, on average, according to a study by psychologists from Purdue University (opens in new tab). Enough money to never have to worry about going broke (opens in new tab) or paying for medical care is important. But money is not the only or even the most important piece of a fulfilling retirement. So, once you have a retirement plan in place, it is essential to focus on all those things money cannot buy. Here are seven happy habits that studies show can improve life satisfaction in retirement.

How do I convert Bitcoin to cash?

How to Cash out Bitcoin Using a Broker Exchange Decide which third-party broker exchange you want to use. ... Sign up and complete the brokerage's...

Last updated Jun 11, 2022

Is it OK for Christians to drink coffee?

If that sounds a little religious, it's no coincidence. Coffee is an acceptable vice. Unlike alcohol, which many evangelicals either abstain from...

Last updated Mar 5, 2020

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

What probiotic makes you lose weight?

Several strains of probiotics in both the Lactobacillus and Bifidobacterium family have been shown to reduce weight and belly fat. Lactobacillus...

Last updated Apr 15, 2022

Awaken your dormant DNA ability to attract wealth effortlessly

The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.

Learn More »

Promotion

Which zodiac is innovative?

Saturn rules the Aquarius zodiac sign. According to astrology, it is the planet of unconventional activities. Thus, it makes the natives innovative...

Last updated Nov 19, 2021