Social Security Basics: 12 Things You Must Know to Maximize Your Benefits
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Amidst the complexities of Social Security, here you’ll find an in-depth look at maximizing benefits, whether you’re approaching or are already in retirement.
READ THE ARTICLESeveral key points include:
📌 Benefit Calculation: Based on your highest 35 years of earnings, with adjustments for inflation
📌 Claim Timing: Benefits increase the longer you delay, up to age 70
📌 Spousal Benefits: A spouse can claim up to 50% of the other spouse’s benefit
📌 Survivor Benefits: Available to spouses and eligible children, with specific conditions
📌 Taxes on Benefits: Up to 85% of benefits may be taxable based on income
📌 Earnings Test: Earnings over a certain limit ($22,320 for 2024) can reduce benefits before reaching FRA, but benefits are recalculated at FRA.