For many, Social Security makes up a large portion of their retirement income, so it’s important to know how to maximize your Social Security benefit. James explains how Social Security works, diving into some important foundational aspects. He then explains four key strategies for maximizing benefits:1. Work for 35 years to avoid zero-income years in the calculation.2. Delay benefits, if possible, until age 70, increasing payments by 8% annually after full retirement age.3. Leverage spousal benefits, allowing a lower-earning spouse to claim up to 50% of the higher-earning spouse's benefit.4. Plan for survivor benefits, where a surviving spouse can receive 100% of the deceased spouse’s benefits.By understanding how these factors work, retirees can make informed decisions to maximize their Social Security income, reducing pressure on their savings and ensuring a more stable retirement.Submit your request to join James: On the Ready For Retirement podcast: Apply Here)On a Retirement Makeover episode: Apply Here) Questions answered:How is Social Security funded, and how does it affect my retirement income?How are Social Security benefits calculated based on my earnings?Timestamps:0:00 - How SS works4:16 - Drilling deeper6:27 - Full retirement age8:08 - Work 35 years10:08 - If possible, wait12:17 - Spousal benefits14:03 - Survivor benefits17:39 - Summary
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