3 Social Security mistakes that could cost you a fortune

More than one-third of Americans rely on their
Social Security benefits to provide a major source of retirement income. Unfortunately, with the average payment of just $1,503 in 2020 won’t leave you much extra
money at the end of the month.
The better you under all the different filing options will help you make an educated decision on when
the best time is for you and your family.

1. Claiming at the wrong time
The age at which you claim Social Security benefits will
determine how much you receive throughout your retirement. The key thing to know is your Full Retirement Age
(FRA), which is 67 if you were born after 1960. FRA is
especially important to understand.
• If you claim before FRA you can see a reduction
of 25% of your benefits
• If you claim after FRA, benefits will increase by
8% with COLA until age 70

 

2. Not working long enough
Social Security benefits are based on wages
while working.
SSA uses a formula to calculate benefits based
on your highest 35 years of earnings.
If you haven’t worked for 35 years, Social
Security will factor in zeros for each year missed.
This could make a big impact in how much
your benefits will be.

3. Not coordinating with your spouse
Social Security is much more complicated
for married couples than for singles because the single
person must claim benefits on their own work record.
Those who are married — or individuals married for at least 10 years before divorcing — may be
eligible to claim benefits on a spouse’s work record.
It is very hard to determine the best time to
claim your SSA benefit on your own.
There are over 500 active filing methods in
which you have to chose from.

If you would like a No Cost Social Security Maximization report that will analyze all filing methods based on
your own individual or married options.
The average report is over 30 pages long and will help
you better understand what your Top 3 filing options
are.
Please call Jay Dorso at 860 880 8800 , email Jdorso@
qualityseniorbenefitsllc.com or go to www.Jaydorso.com