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How to Increase Your Social Security Checks
Social Security turns 76 this week, and the program continues to be most Americans' biggest source of retirement income. However, the size of your payments will depend on how much you earn while working and when you sign up for Social Security. You may also be able to secure additional payments for your spouse, dependent children, and survivors. Here's how to maximize the amount you will receive from Social Security in retirement:
Work for at least 35 years. Social Security benefits are calculated based on the 35 years of your career in which you earn the most. If you haven't worked for at least 35 years, zeros are averaged into the calculation, which will lower your payout. "You can improve your benefit if you continue working and replace low-earning years or zeros in your record with higher-earning years later on in your career," says Jim Blankenship, a certified financial planner for Blankenship Financial Planning in New Berlin, Ill., and author of A Social Security Owner's Manual.
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How Much Life Insurance Do I Need?
Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial play for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short. AVZ's Wealth Management practice can help you with all your financial planning including a review of whether or not you are adequately insured. Click here for insurance calculator |
