You receive the benefits from the government in the name of social security on the event of your retirement. These benefits are also for disabled persons in order to provide them with financial solutions. This has been used widely across the US. Some people don’t find it enough income to live a healthy life. However, if you are the one who plans to live on social security only after retirement, you can definitely adopt a healthy lifestyle.
Following tips would help you to live healthily and happily with your social security income only.
Get your mortgage paid off:
Once the mortgage of your house is paid off before your retirement, you can use the amount of social security in other expenses. The expense of a house is the largest one and try to eliminate this from your bill before your retirement. You would have to pay thousands of dollar per month for housing and a married couple receives $2,682 in Social Security. If you exclude the mortgage payment from social security, you can comfortably cover other expenses. Otherwise half of your SS payment will go in the mortgage.
Do not claim social security before your retirement age:
Claiming social security before your retirement age can reduce the payment you receive. Full retirement age is usually 66 for baby boomers. You would get a 25% smaller payment even if you claim your social security at the age of 62. If you are eligible for $1,000/month at age 66, you will get $750/month if you claim it at age 62. This is quite a difference. Going for early payment is wise only if you are sick and going to die and need money. Otherwise, wait till the full age of retirement.
Consider signing up at 70:
It gets vice versa if your delay signing up for social security. If you wait until you are 70, there would be a boost in your social security payment. You can increase your monthly payment by 32%. The amount of $1000 you will be receiving at 66 will be increased to $1320 at 70. You should definitely give it a thought to defer taking the benefit.
Watch out the taxes:
You will also have to pay taxes if your only income is coming from social security. Keep that in mind too.
How to find nearby social security office?
It sometimes gets difficult to find out the location of the nearby social security office. Or, you have moved to a new place you don’t know much about. There are places on the internet where you can get the answer to social security office near me. You can find the largest list of social security office location on social security pledge. They have given a list of links that can take you to the nearby office. You can also get help related to many other things like getting a new social security card, checking the application status and applying for Medicare.
Social security offices are at your service and help you deal with the problems you have. All you have to do is find a nearby office and book an appointment with them. Social security pledge is there for you no matter in which corner of the US you are. It provides web’s largest directory. You would also find answers to various questions related to social security on this web address. This website has all the content you might need such as Medicare benefits, replacement of lost SSN card, retirement saving plans and much more.…