Options that will increase your social security check

American retirees today are less prepared than previous generations. Many retirees believe that you need over $1 Million dollars saved to properly retire.   Yet, according to a BankRate survey in 2017 those aged 56 to 61 only have $163,577 set aside for their golden years. This indicates a huge dependence on future social security (SS) checks to help finance retirement.  The average monthly SS retirement benefit is only $1,294, not enough to fill that savings gap (SSA, as of April 2018 ). There is hope, and if you plan ahead there are simple things you can do to help augment your retirement, even if you are close to retiring or in retirement now.

Trusted Professionals

Your future social security payouts are based on your 35 highest earning years. You can boost future social security payouts by negotiating higher wages or taking on a second job. With this extra income you can increase your social security basis, as well as invest additional funds into your retirement accounts. A trusted financial professional may be able to maximize your earnings and better prepare you for your future.

The right time to begin drawing social security

You can start taking social security payouts at 62 years old, but each year you delay, your check will be higher throughout retirement. Consider taking out a reverse mortgage at 62 in lieu of starting your social security payouts. Each year, even each month you can delay, your check will go up. With a reverse mortgage you can get a monthly check , a check for a certain period of time, a lump sum of money, or a line of credit you can use as needed. Savvy retirees may draw on reverse mortgage funds to allow them to put off taking their social security check. Each month delayed is a higher social security check for life. At age 62 you would receive 70% of their retirement benefit. At age 65, the check is over 86% of the full benefit. At age 67 you get 100% of the full benefit. If you wait until age 70, your benefit goes up another 8%.  If your home value has gone up, you may even be able to refinance a reverse mortgage and increase your monthly check or moneys available on the line of credit.

Claim twice

“Dual-earner couples who have reached their full retirement age can claim spousal payments and file again later based on their own work record, which will then be higher because they accrued additional delayed retirement credits,” according to U.S. News & World Report.

Calculators that will help

You may or may not be able to delay taking your social security payouts until 70 years old, but, it would be wise to research your options before deciding whether or not this is a possibility for your situation. A great resource for help in this decision is a reverse mortgage calculator found here: https://www.funds4seniors.com/reverse-mortgage-calculator/ The AARP also has a great calculator for determining when it is best for you to take your social security: http://www.aarp.org/work/social-security/social-security-benefits-calculator/

If you have questions regarding what a reverse mortgage may do for your retirement plan, feel free to reach out by phone or email: Robert Snow Krepps, NMLS # 255191, at HighTechLending Inc

(877) 567-7476 rkrepps@hightechlending.com

HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender.  Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.

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