5 Steps to Maximize Your Social Security Benefit

Should you take benefits ASAP or wait? It's the million-dollar retirement question, but it's far from the only factor involved in making the most of your Social Security nest egg. There are other possibilities to consider as well.

(Image credit: Getty Images)

As a source of guaranteed income, Social Security is a vital part of a retirement plan. However, far too many people give scant thought to their options when claiming benefits. Instead, they opt to claim at one of three distinct periods: at the earliest possible opportunity, at full retirement age or at the latest possible opportunity. By failing to examine all your options, you could be leaving money on the table.

More than half of Americans cite Social Security as the largest component of their retirement income as they approach the end of their careers. Fortunately, if you follow a few specific steps, you can ensure that you have the best possible information available about the pros and cons of claiming at different ages. By arming yourself with information, you can position yourself to maximize your monthly Social Security benefit, creating a more comfortable retirement.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up
Swipe to scroll horizontally
Header Cell - Column 0 Start at 62Start at Full Retirement AgeStart at 70
Monthly Benefit$750$1,000$1,320
Yearly Benefit$9,000$12,000$15,840
Aggregate Benefits Paid Through age 85$216,000$240,000$253,440

This article was provided by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

Roberto Trejo, NSSA®, CFF®
Senior Managing Partner, Coeus Financial

Robert Trejo is a Certified Financial Fiduciary®, an Investment Adviser Representative and Senior Managing Partner of Coeus Financial, an independent, full-service wealth management firm.