Are you set up to get the MOST out of retirement?
Over 80% of retirees don’t take advantage of their full retirement benefits, which means they could be missing out and tens and tens of thousands in retirement life.
As a loyal Midas Legacy reader, I plan to make sure you get the MOST out of your retirement.
That’s why I’ve outlined 3 rules to make sure you do so…
Rule #1: Patience
The most simple social security rule to live by is to be patient, even if it means you must sacrifice a little bit right now.
With the way social security is structured, the most powerful strategy you can use in almost any situation is to wait from the time you could start receiving benefits to the time you should start claiming them, which is when those benefits are maxed out.
Here are the best examples of this strategy at work:
- Spousal benefits are 43% higher at full retirement age than at 62 (the age you have the option to start claiming benefits).
- Survivor benefits are 40% higher at your full retirement age compared to 62.
- Basic retirement benefits are 76% higher at age 70 than they are at age 62!
So, from the age you can start claiming benefits to the time those benefits are maxed out, patience is crucial…
Rule #2: Knowledge
In addition to retirement benefits, there are 9 more benefits you may have access to.
This is just a simple matter of knowing what’s available and if you qualify for it. People leave money behind just because they don’t know the money is theirs to claim.
From widower benefits to spousal benefits to divorced widower benefits and everything else in between, make sure you know if YOU should be claiming more than just retirement benefits when the time is right.
Rule #3: Timing
Timing is everything when it comes to social security benefits. But the perfect timing will vary from one retiree to the next.
It comes down to a mixture of age and size of different retirement benefits between you and your spouse.
There would be one perfect timing for you if your full retirement benefit is larger than half of your spouse’s full retirement benefit. But your perfect timing would be entirely different if your age-70 retirement benefit is less than your spouse’s full retirement benefit.
Figure out the numbers and ensure you find the perfect timing for you. Not doing so could cost you tens of thousands in retirement income…
Following these three rules is the first step to making the MOST in retirement, but I’ll be here for you along the way to help maximize your money.
