Tips to help make the most of your Social Security
✔ Know how Social Security can play an important role in your retirement income strategy.
✔ If you wait to claim benefits, you can get up to 8% more per year until age 70.
✔ Consider how longevity plays into the timing of your claiming strategy.
Are you one of the nearly 2 million people who search online every month on the topic of Social Security? If so, you helped make “Social Security” the 24th most popular non-branded search conducted on Google in 2016—topping even “Halloween” at #32 and “reverse phone lookup” at #41.*
With hundreds of rules and dozens of claiming strategies, there’s no question that Social Security is complicated. To help answer your questions about this important source of guaranteed income in retirement, Fidelity hosted a webcast featuring Marcia Mantell, president of Mantell Retirement Consulting, and Kerry Sweeney Harris, vice president at Fidelity Investments.
In addition to explaining the key concepts involved in deciding how and when to claim your Social Security benefit, Mantell and Sweeney answered a wide range of questions from Fidelity customers. Among them:
- What are some of the biggest misconceptions people have about Social Security benefits?
- How much can people expect to receive from Social Security?
- How do you qualify for Social Security benefits?
- What is the difference between earning Social Security points and credits?
- Are Social Security payments based on your previous 10 years of working or your highest earning 10 years?
- What is the best way to use your Social Security in conjunction with your existing retirement savings as you develop a retirement income plan?
- If you’re single and relying on your own resources, is it a good idea or a bad idea to take Social Security early?
Social Security is a key part of retirement income for most Americans. When you decide to claim is a major decision that will have a long-lasting impact on you and your spouse. Be sure to consider how long you may live, your financial capacity to defer benefits, and the impact it may have on your survivors.
- Visit the Planning & Guidance Center or call 800-343-3548 to get help understanding how to maximize your Social Security benefit and how it will fit into your overall retirement income plan.
- After answering 5 simple questions, the Social Security benefits calculator provides a ballpark estimate of projected monthly and lifetime benefits across different claiming ages
- Read Viewpoints: “How to get the most from Social Security.”
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917