Misconception #3
There are few Social Security strategies retirees can use to increase their social security. Not true!
Most retirees can take advantage of the strategy of delaying taking your Social Security Benefits. It is one which can create a significant benefit over time. If one is able to delay taking their benefits from age 62 to age 66 the monthly amount they receive will increase by up to 40%, if they are able to delay until they are 70 years old, the monthly increase can be up to 88%!
When considering a strategy for taking your Social Security benefits, some of the information to consider when is if you have a pension, what your other sources of retirement income are, how old your spouse is and your health.
Misconception #4
Social Security is going to go broke, so why plan on it?” Not true- for now…
The fact of the matter is that for now, and the foreseeable future you will receive your Social Security Benefits, so make sure you choose when to take them wisely to get the greatest benefit from them.