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Here are five money moves to make in early 2025 tomaximize your Social Security benefits.
Boost Your Income
Older workers remain a strong and vibrant part of the nations workforce.
Other older workers enjoy the structure and purpose that come with work and may not feel ready to retire.
In addition, Social Security benefits are calculated based on an individuals highest 35 years of earnings.
Retirees should consider working extra years to find opportunities to increase their income to replace lower-earning years.
This could significantly increase their average monthly earnings.
Thebenefits of waiting to claim until as late as age 70are significant, Buckingham said.
The Social Security AdministrationsRetirement Benefits Calculatorcan help older adults assess how waiting will affect their monthly benefits.
Pavone explained, Individuals often overlook the impact of healthcare costs in retirement.
This added expense, if not accounted for, can quickly deplete retirement savings.
Review Your Lifetime Earnings
Mistakes in retirees earnings records could cost them money.
Its important to identify and report errors as soon as possible.
In addition, some employers may no longer exist or be able to provide past payroll information.
Broaden Your Retirement Strategy
Social Security should only be one piece of retirees income strategy.
One great option is a fixed indexed annuity with guaranteed income benefits, Buckingham said.
These products are a great source of supplemental income for life.
Such a combination would be a strong foundation of a retirement plan.
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