6 Proven Strategies to Boost Social Security Benefits Before Claiming
Financial experts outline six key steps for near-retirees to maximize Social Security payouts, including working longer, using retirement savings as a bridge, and spousal coordination. Catch-up contributions to 401(k)s and IRAs allow larger nest eggs to delay claiming until age 70.
Source: Money ·
Grace's Take
This article shares some great tips on how to increase your Social Security benefits before you start claiming them, like working a bit longer and taking money from your retirement accounts to bridge the gap. By using strategies like these, you can boost your benefits, which is super helpful as you prepare for retirement. Don't worry; with a little planning and the right steps, you can set yourself up for a more secure financial future!
- •Work longer to replace low-earning years with higher ones
- •Bridge with 401(k)/IRA withdrawals to delay SS until 70
- •Use catch-up contributions over age 50 for tax-deferred growth
Helps near-retirees (1-5 years away) avoid running out of money by increasing lifetime SS income up to 76% higher at age 70, reducing reliance on volatile markets.