For many retirees, social security benefits are a key source of income. By following Bill Schantz’s advice, you may be able to increase the amount of your payments, which can help you maintain a comfortable lifestyle in retirement.
Bill Schantz’s Methods
Let us look at some of Bill Schantz’s methods to increase payments.
One way to increase your social security payments is to work longer. Working longer will increase your payroll taxes. It will also increase your benefits as the calculations for the benefits depend on the years you have worked. Working just a few extra years can significantly impact the size of your monthly benefit check.
Delay Your Collection
Another way to increase your social security payments is to delay collecting them. You can begin collecting social security as early as 62, but you will receive a larger benefit if you wait until your complete retirement age (currently 66). For each year that you delay collecting benefits past your full retirement age,
Maximize Your Earnings
Another way to increase your social security payments is to maximize your earnings. Your benefits depend on the highest 35 years of your earnings, so trying to earn as much as possible during your career is essential. If you have lower earnings in some years, you can replace those years with higher-earning years by working longer or returning to school to get a higher-paying job.
Check for Errors
Your social security statement may contain errors if you have worked for many years. These errors can result in lower benefits than what you may be entitled to. It is essential to check your statement carefully and contact the Social Security Administration if you spot any errors.
Consider a Spousal Benefit
If you are married, you may be able to collect a spousal benefit depending on your spouse’s work history. This can be especially beneficial if your spouse has a higher earnings history than you do. To qualify for a spousal benefit, you must be 62, and your spouse must receive social security benefits.
Plan Your Taxes
According to Bill Schantz, your social security benefits may be subject to federal income taxes. If you plan your taxes carefully, you can minimize the taxes you pay on your benefits. You may also reduce your taxes by using some of your other income to pay for expenses such as medical costs or charitable donations.
Invest in a Retirement Plan
If you have extra money, you may want to consider investing in a retirement plan such as an IRA or 401(k). These plans offer tax advantages that can help you boost your retirement savings. The money you save in these plans can supplement your social security benefits and help you maintain a comfortable lifestyle in retirement.
Review Your Situation Regularly
Your situation may change over time, so it is essential to regularly review your social security benefits. If you divorce or become widowed, your benefits may change. It would help if you also kept an eye on changes in the law that could impact your benefits. You can ensure you receive the correct benefits by staying up to date on your situation.
Bill Schantz’s Final Thoughts
There are many things to consider to get the most out of your social security benefits. Following Bill Schantz’s advice, you can increase the amount you receive each month, which can help make retirement a more comfortable experience. Remember that these are just some of the methods available to you – remember to consult an expert if you have any questions about your specific situation.