The America government offers monetary payouts in the form of social security benefits to those sections of its population that require it the most. Retirees fall under this category because in many cases they may not be able to earn enough money to maintain their present standard of living after their employment years. In many cases, most individuals find it difficult to determine how much money they will receive from the State after they cease to become employable. Moreover, many of them feel that apart from their pensions, this kind of compensation may not be enough for them to make ends meet after they retire.
Andrew Corbman, the President and founder of ASC Financial, Inc., says it is possible for individuals to maximize the amount of payouts they will receive on their retirement in the form of society security benefits. This University of Maryland finance graduate has 20 years of experience in helping his clients in safeguarding their assets and devising effective tax-deferring income strategies for their retirement. In addition to this, he also advises them on how to enhance their wealth, manage their financial assets and tackle various issues to ensure they earn a stable income during their retirement years. He suggests individuals should keep in mind the following important tips to maximize the payouts they will receive from the State when they retire:
- Individuals should work for at least 35 years
U.S. Federal Government computes how much money a person can receive in the form of social security benefits after he/she retires after considering two essential factors. These are the average salary he/she earn over a period of 35 years and his/her lifetime income. Since such earnings differ over time, the authorities use the Average Wage Indexing Series. This mathematical formula calculates real wages after adjusting the affect of inflation on such income every year. However, it is important for an individual to work for at least 35 years.
- The individual should work until he/she reaches his/her full retirement age
In order to receive maximum social security benefits from the State, an individual has to remain employable in a workplace until he/she reaches the full retirement age. The authorities determine this age according to the person‘s overall health, availability of healthcare facilities and his/her average life expectancy.
- Claim social security benefits after the age of 70
Regardless a whether a person retires at the age of 65 or 67, he/she should not claim any benefits from the State until he/she is 70 years old. This is because when he/she reaches this age Federal Government increases its social security payouts to him/her according to a certain criteria.
- Individuals should earn more at their present places of employment
The amount the government disburses in the form of social security benefits to retirees depends on how much such individuals earn over of period of 35 years. It is possible of them to increase their entitlements by trying to earn a high salary at their present place of employment.
Andrew Corbman says the following suggestions go a long way in increasing a person’s entitlements from the government in form of social security benefits when he/she retires.