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If you plan to rely only on your social security check for your retirement, you may want to reconsider your decision. Here's why.
UNITED STATES TODAY & # 39; HUI

Social security today pays the average senior $ 1,461 a month. Now, it's barely enough to fund a comfortable retirement, but it's also not a negligible amount. In fact, these benefits could help you stay afloat during your golden years. So, it is good to be wary of these three factors that could reduce your benefits for life.

1. Do not work for 35 years

Your social security benefits are calculated on the basis of your 35 most important years of work, which means that if you take an extended break from your career (for example, to raise children or to take care of a family) being expensive), you risk not winning as much as record. The problem, however, is that for every year in this top 35, you do not have a salary to declare, you will have a large sum of $ 0 taken into account in your personal benefits equation, which will reduce your monthly income. .

The solution? Prolong your career if you do not have 35 years of work to your credit. For each additional year of work, you will replace a $ 0 with real income. And chances are, that income will be higher than what your earnings have looked like earlier in life, thus increasing your benefits.

The average social security recipient today receives $ 17,532 a year, but you may be entitled to a lot more when it is your turn. (Photo: Getty Images)

2. Do not check your tax returns

The Social Security Administration (SSA) publishes an annual earnings report for workers, summarizing what their taxable wages entailed for the year and what their benefits might look like in retirement. If you are under 60, you will not receive a copy of this statement directly. On the contrary, you will have to Create an account on the SSA website and access it. However, it is useful to review your tax return each year, because if you spot an adverse error, having it repaired can help you avoid unnecessary reduction of benefits.

What kind of error can contain an income statement? It may be that the SSA has no income registered for you for a year where you actually worked and paid taxes. Or, it could have a lower recorded amount than you earned. In both cases, the benefits may be reduced if you do not take the necessary action.

3. Do not wait until the age of retirement to drop

Eligible elderly people are allowed to start collecting Social Security at the age of 62. However, if you do not wait for the retirement age to claim benefits, you will decrease them in the process.

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For each month you apply for benefits before retirement age, you will be subject to a reduction that will remain in effect permanently unless you withdraw your claim within one year of filing your claim and that you reimburse the SSA for all amounts paid. you. The most extreme benefit reduction you may face is 30%, which would happen if you reach retirement age at age 67 but file your return as soon as possible, at age 62 . Social security as a major source of income all along the line.

The delivery? Record your full retirement age in your memory and try to wait until that age to apply for Social Security unless there is a compelling reason to ask for benefits sooner.

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Although the average social security recipient today receives $ 17,532 a year, you may be entitled to a lot more in your turn. Avoid unnecessarily reducing your benefits as they could become a lifeline when you retire.

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