How To Boost Your Social Security Benefits Big Time - WSPA.com

How To Boost Your Social Security Benefits Big Time

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It's something that could save you tens of thousands of dollars in your lifetime and you can start now. It's something that could save you tens of thousands of dollars in your lifetime and you can start now.
SPARTANBURG, S.C. -

It's something that could save you tens of thousands of dollars in your lifetime and you can start now.

We're talking about maximizing your Social Security benefits. Knowing the rules could have a huge impact on your retirement savings.

Judson and Brenda Brodie's experience with claiming Social Security benefits, is a story of the good and the bad. Let's start with the latter.

"Had I known, or both of us had we known, there's no doubt I would have waited till age 66," said Judson.

He knew he was taking a cut in his potential benefits by claiming early. But he didn't know on top of that, it would cost them an extra 125 a month. I'll explain why in a minute, but first let's bring in Social Security expert Linda Pritchett, the Publisher of Vital Magazine.

She says point blank, the best way to boost your benefits is to wait to claim if at all possible.

Hold off until the full retirement age of 66 and the average couple gets a bump of about $70,000 if you live till your mid 80's. Make that age 70, and you're looking at more like $100,000.

One thing to keep in mind, what you get is based on the highest 35 years of your earnings, so if you retire early, you could be tacking on some zeros to that average, lowering your overall benefits."

Now for the good news:

"The best kept secret is the spousal benefit. If you plan properly when you both wait till full retirement age or at least one of you waits till full retirement age (66), you can claim on your spouse's record, get half of whatever their amount is, and let yours grow all the way up until your 70 years old and it's free money, it doesn't affect yours, it doesn't affect theirs in a negative way at all."

The Brodie's reaction:

"Amazed, astonished, ecstatic!" they said.

Claiming spousal benefits will boost their monthly income by about $700. Sure, it could have been $825 if Judson had waited a year to claim, but the Brodies are still thankful they're in the know.

"It's been a revelation," said Brenda.

And they want to make sure you are, too.

If you want more information on claiming spousal benefits, Vital magazine is providing a Social Security guide for free to our viewers. The best way is to sign up online by clicking here.

You can also call and leave a message: (888) 222-4311 

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