“Retirement is wonderful if you have two essentials – much to live on and much to live for.” – Author Unknown
Securing financial security for your retirement can feel like a daunting, unattainable task. We at Franco Law Firm can assure you it is attainable. We are experts at Social Security Benefits, and we can get you the maximum possible benefits. We want to share three ways to maximize your Social Security so you can enjoy the full potential of your benefits.
1. Apply At The Right Time
Our first recommendation requires a bit of math. You can apply for Social Security benefits at the age of 62, but this can decrease your monthly benefit by 30%. If you were eligible for $1,200 at your full retirement age, you would receive $840 if you applied at 62. In ten years, that monthly loss would total $43,200! Avoid this by making sure you apply at the optimal time for your personal needs. We recommend applying between 66 and 70 years of age, depending on your health and ability to work. There is no age cap, you can apply for benefits after 70, but there would be no strategic reason for waiting after reaching full retirement age. The SSA offers retroactive payments for up to six months before your application. If you’re interested in learning more about factors to consider when applying to Social Security, read this document from the Social Security Administration.
2. Work For 35 Years
Your monthly benefit total is based on a complex calculation of your 35-year average. The government accounts for inflation in your yearly income before being averaged. The government will use the highest wages of your total years of work if you’ve worked more than 35 years. Working fewer than 35 years means that zeros will be averaged in for the missing years. This is not difficult for most people to hit since you could start working at 35 and still retire by the full retirement age. The average American will work 45 years before retirement. Take your overall income level into account as you’re approaching retirement. It might be worth it to hang in for a couple of extra years at a place of work if you can eliminate years of significantly lower income. It depends on your needs and income over your life.
3. Hire a SS lawyer or an expert advisor
You do not need legal representation to file an application for Social Security, but you are allowed it. We recommend hiring a law firm that specializes in SS benefits like we do at Franco Law Firm. People who have experience know all the considerations from spousal coordination of SS application to survivor’s benefits. Just hiring us to look over your Social Security statement for miscalculations on your determined average income can boost your benefits for the rest of your life. We are also proud members of The National Organization of Social Security Claimants’ Representatives, an association of attorneys, non-attorney representatives, and paralegals representing Social Security Disability Insurance and Supplemental Security Income claimants.
Social Security Benefits are something many people will rely on for their golden years. Don’t risk a miscalculation or rejected application when it comes to obtaining the money you need. Attorney Manuel Franco and the team at the Franco Law Firm can help you secure the benefits you deserve. We have been a local social security lawyer helping individuals in Florida for years with an impressive track record of victories. To learn more or schedule a free consultation with us, please call (813) 872-0929. We look forward to hearing from you
Want to learn more about Social Security and the different benefits that you could claim? We’ve got you covered! Read some of our past blogs below about Denied Social Security Benefits or learn more about benefits in general Social Security: Explained.