When you retire can have a big impact on how much Social Security you receive. In some cases, working just a little longer can make a big difference to your benefits. The article below was compiled by Dan Caplinger, a director of investment planning with more than 20 years of experience from all angles of the financial world. Keep reading to see what insight he gives regarding the potential benefits of delaying retirement.
In the following video, Dan Caplinger, The Motley Fool’s director of investment planning, looks at two situations where when you retire has huge implications for your Social Security benefits. Dan notes that the most important thing is making sure you have a 10-year work history to qualify for benefits in the first place; so if you’re just a year or two short, it could give you a substantial reward for staying in work for a while longer. Moreover, even if you’ve worked more than 10 years, Dan notes that Social Security looks at a 35-year work history, so extra work can fill in the zeros in your career earnings and enhance your benefits.
How to get the absolute most out of your Social Security
When you retire is just one element of making the most of Social Security. In our brand-new free report, “Make Social Security Work Harder For You,” our retirement experts give their insight on making the key decisions that will help ensure a more comfortable retirement for you and your family.
Source: www.fool.com; Dan Caplinger; April 4, 2014.