Why can’t I count on higher Social Security benefits | Smart Change: Personal Finance

Meanwhile, some seniors are making plans to defer their Social Security claims until age 70. Doing so means snagging a higher monthly benefit for life.

This is something I would like to do. But my retirement plans don’t hinge on it for one big reason.

Recently, I cleared my schedule to spend an entire day writing articles in an effort to move forward with work. Instead, I just ended up suffering from a health issue that kept me in the hospital for 24 hours. Needless to say, it wasn’t the productive day of work that I hoped it would have been.

Why am I sharing this story that clearly has nothing to do with Social Security? it is easy. My point is that we can plan for certain things related to retirement and do our best to see those plans through. But sometimes, life simply gets in the way.

That’s why as much as you Such as Higher Social Security aid, I don’t suppose I’ll get it. I definitely do my best to build skills constantly in an effort to work as long as possible. This may enable me to delay registering for the maximum monthly interest that my personal earnings history will entitle me to.

But what if health issues get in the way of that plan, in the same way that they recently spoiled what was supposed to be a truly profitable work day? For all I know, I’ll end up stopping work before the age of 70, to the point where I’m forced to claim Social Security early.

As such, I’m not planning on getting a higher Social Security benefit. Instead, I now maximize my retirement savings plan each year. In fact, in addition to hitting the max 401(k) standard, I also try to save money afterward, which I then invest in a regular brokerage account.

Now as a freelance writer, income tends to be variable, so my savings rate tends to follow suit. But I usually do a pretty good job of saving a pretty big chunk of income, no matter what happens. And by doing that, I don’t have to focus so much on the Social Security benefits I’m ultimately entitled to.

There are certain aspects of life that are beyond our control. And to some extent, Social Security might be one of them. So a good bet is to increase the savings opportunities that you can control by injecting as much money as possible into your retirement plan. Doing so can make you able to meet your retirement goals even if your Social Security benefits aren’t as strong as you hoped they would be.

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