If you’re expected only source of retirement income is Social Security how can you maximize your money? Â
Wait- or suspend payments- if you haven’t started taking SS generally your income is maximixed the longer you wait. So if you can postpone taking payments until 70 you will receive the largest monthly amount. If you have already begun, you may be able to suspend paymenst until later years and possibly increase your monthly check amount by 32%. It’s worth considering.
Pay off debt- make debt repayment as much a priority as possible in the years leading up to retirement or taking your benefits. I know the economy is tough, but this is money well spent.
Keep working- if you are able to work, keep working. You may be able to raise your monthly Social Security check by working well into your sixties. Do it if you can.
Be Frugal- finally, be frugal. If frugality is new to you, you will soon find many of us happily living a frugal lifestyle. Learn about couponing and how to save on groceries with others who have mastered this. Befriend others who are great crafters and second-hand experts and join in the fun of making old things new.
Don’t feel like a victim. Have a great attitude and enjoy your beautiful life!
Citation:
http://www.foxbusiness.com/personal-finance/2012/09/24/how-to-live-off-social-security/
http://www.pbs.org/newshour/businessdesk/2012/07/social-security-secrets-you-ne.html
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