We all know how fragile the social security system is, right?
There’s talk that there’s barely any cash left in the coffers, and nobody seems to know when it’ll actually run out.
So, my viewpoint is: Take advantage of it while you can.
Today I’m going to show you exactly how to do that in 3 simple ways.
Are you ready to legally game the social security system?
I want to start by saying this:
If you feel “wrong” or “bad” for doing any of this, it’s completely your choice. But just know that there are millions of people out there who are immorally draining the social security fund dry, so you have to legally take what you can, while it lasts.
With that in mind, here are the three simple ways you can legally game the system:
1. Spousal Benefits
Social security decides payments on the amount you earned over a lifetime. But many people don’t realize that spousal benefits are determined based on the other spouse’s work past.
The exact amount, though, will be determined according to age and income for you and your spouse.
With that in mind, think about yours and your spouse’s current income. Is there any way to raise it even in the slightest?
You see, the more you make, the more social security you get. So, even if you take the next couple of years and find a side hustle that pays out any amount, that should contribute to higher social security payments.
2. Delay
This is probably my favorite social security rule. It’s one that I try to tell every student that’s closing in on retirement – if you can wait to start receiving social security payments, wait!
Most people realize that waiting until full retirement age (67) will earn you up to 30% higher benefits than you’d get if you take those benefits at 62, but not many realize that you can get the maximum possible benefit by waiting until age 70—amounting up to 124% of your benefits.
3. Divorce
This one is a bit trickier, but surprisingly few people understand that you can still collect benefits if you’re divorced. If you have all the requirements, your social security payments would be based on your ex-spouse’s earnings.
The catch is that you must be at least 62 and have been married for at least 10 years before the divorce.
Plus, if you remarry you won’t be able to collect benefits in this regard.
Gaming the social security system isn’t hard… you just have to take some time to learn how to do it legally.
You can start with any of these 3 (or all if applicable), but if you’re nearing retirement age, I strongly recommend taking a half hour each weekend to look into social security rules and how you could use them to have a better retirement.
You may find even better loopholes to game that work better for you.
