If you were retiring tomorrow, which monthly income would you rather receive: $1,543 or $3,895?
The $1,543 figure is the average monthly Social Security retirement benefit in 2021, while $3,895 is the maximum possible monthly benefit.
While the size of your ultimate Social Security benefit depends on the earnings you report over your working life, that’s not the only component. Simple things you do or fail to do while you’re working, as well as when and how you claim when the time comes, can make massive differences in your lifetime benefits.
That’s why it makes sense to get a better understanding of how Social Security works at the earliest possible time. And why it’s important to test various strategies as you approach retirement. There are myths you should dispel and tips you need to understand.
And that’s what this week’s “Money!” podcast is about. We will go over the basics of Social Security and help you get the biggest benefit possible and avoid common claiming mistakes.
Sit back, relax and listen to this week’s “Money!” podcast:
Don’t listen to podcasts?
A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They’re awesome for learning stuff and being entertained when you’re in the car, doing chores, jogging or, if you’re like me, riding your bicycle.
If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!
Want more information? Check out these resources:
- A Simple Way to Maximize Your Social Security
- 10 Things That Can Ding Your Social Security Payments
- 7 Social Security Myths That Can Cost You in Retirement
- 6 Things Many Americans Get Wrong About Social Security
- 9 Social Security Terms Everyone Should Know
- 12 Ways to Maximize Your Social Security Checks
- 5 Times When It’s Smart to Claim Social Security Early
- How to Qualify for the Highest Possible Social Security Benefit
- U.S. News & World Report: 10 Ways to Increase Your Social Security Payments
- Investopedia: 5 Tips to Increase Your Social Security Check
- Barron’s: 3 Ways to Maximize Your Social Security Benefits
- Bankrate: 5 ways to maximize your Social Security benefits
- Kiplinger: To Maximize Your Social Security Benefits, First Do Your Homework
- Stacy’s stock portfolio
- Subscribe to the Money Talks News newsletter
- Take our course The Only Retirement Guide You'll Ever Need
- Take our course Money Made Simple
- Miranda Marquit’s website