{"id":4651,"date":"2014-09-18T06:00:26","date_gmt":"2014-09-18T13:00:26","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=4651"},"modified":"2022-11-04T00:52:36","modified_gmt":"2022-11-04T04:52:36","slug":"maximizing-social-security-benefits","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/maximizing-social-security-benefits\/","title":{"rendered":"Maximizing Your Social Security Benefits"},"content":{"rendered":"

\"Investment<\/a>Deciding when and how to maximize your Social Security benefits<\/a> is one of the most important decisions that people have to make.\u00a0 Social Security is one of the few benefits that provide for a lifetime of income that keeps pace with inflation.\u00a0 In the past, companies often offered their employees\u2019 Pension Plans providing them with a lifetime of income. Today, employees are rarely offered Pension Plans as a benefit due to the high cost of maintaining this type of plan (employer funded).\u00a0 Instead, most companies offer a 401(k) plan<\/a> which is employee funded and does not provide for a guarantee of income for life. As a result, Social Security has become increasingly important as a predictable source of income with the additional benefit of being indexed for inflation.<\/p>\n

An individual can start collecting Social Security as early as 62 years old.\u00a0 However, collecting Social Security early has limitations that must be considered.\u00a0 Collecting your benefit before your FRA (Full Retirement Age-66 for anyone born between 1943-1954) will reduce your benefit by 25%. Furthermore, if you are still working, the\u201d earning test\u201d comes into play.\u00a0 In 2014, people will lose $1 for every $2 they earn over $15,480.\u00a0 Despite the growing awareness of these disadvantages, a majority of people still take their benefits at 62.<\/p>\n

There are many benefits to collecting Social Security at your Full Retirement Age or later.\u00a0 Collecting your Social Security benefits at Full Retirement Age, entitles you to full benefits without any reductions. \u00a0This holds true even if you are working.\u00a0 You are also able to take advantage of two creative strategies that can help you maximize your income; File and Suspend and The Restrictive Application<\/a>. Furthermore, if you delay your benefits to 70 years old, you will collect an additional 8% per year for each year you delay. \u00a0Delaying from 66 to 70 years old would increase your benefits by 32% (8%x4 years). There is no one answer as to when to collect your benefits.\u00a0 Each individual has their own set of circumstances and family history (parent\u2019s longevity, health status, and marital status).\u00a0 It is important to know your options when you decide to collect your Social Security benefits.<\/p>\n

To learn more about Robert Leitner, view his Paladin Registry profile<\/a>.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Deciding when and how to maximize your Social Security benefits is one of the most important decisions that people have to make.\u00a0 Social Security is one of the few benefits that provide for a lifetime of income that keeps pace with inflation.\u00a0 In the past, companies often offered their employees\u2019 Pension Plans providing them with a lifetime of income. Today, employees are rarely offered Pension Plans as a benefit due<\/p>\n","protected":false},"author":47,"featured_media":4655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-4651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nMaximizing Your Social Security Benefits<\/title>\n<meta name=\"description\" content=\"Deciding when and how to maximize your Social Security benefits, a predictable source of income, is one of the most important decisions that people make.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/maximizing-social-security-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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