Many retirees rely on Social Security as their main source of income in their retirement years. In order to do this, here are some tips to maximize your Social Security Benefits.

Wait Until 65

While it might be tempting to start cashing in when you are first eligible for benefits, resist that urge. The federal government considers the age of 65 to be full retirement age. If you file for social security before full retirement age, there is a potential to lose tens of thousands of dollars. Delaying taking your benefits until full retirement age will help to maximize the amount you get out of those benefits.

Wait Even Longer

If you are able, why not put off filing even longer? If you are still employed and have an income that will support delaying past the age of 65 that can increase your benefits even more. Some financial advisors project that waiting until the age of 70 to apply can increase your social security benefits by eight percent overall. As Americans begin to live longer and longer, waiting until the age of 70 or even longer can help elderly financial security.

Suspending Benefits

Married couples can consider filing for social security, then suspending the benefits of the higher income earner. This will allow the spouse to collect on their “spousal benefits” while the higher income spouse delays and accrues more benefits. While this requires a couple to only live off one set of benefits for the beginning of retirement, it can increase the benefits when they are most needed.

Contact Stano Law Group for any legal questions concerning social security and social security benefits.