It seems like a simple equation. You pay money into Social Security during your working years. You get it back when you retire. And if you hold off past full retirement age, you get more. Unfortunately, it’s not that simple.
The reality is there are 2,728 core rules to the Social Security program.* Given that jaw-dropping number, it’s not surprising that many retirees are leaving substantial amounts of money on the table.
The problem is that we’re not armed with basic information about our options, according to Rob Kron, Head of Investment and Retirement Education for BlackRock. “None of us are given a user guide when we start paying into the system,” he says. “The Social Security statement can be confusing and there are areas that are not covered, so a lot of people don’t know they can apply for certain benefits.”
The result? Valuable benefits, such as those for spouses and survivors, can be underutilized.
Discover these helpful tips for collecting what you’re owed . . .Continue Reading >>
*Source: Get What’s Yours: The Secrets to Maxing Out Your Social Security
This information is being provided only as a general source of information and is not intended to be used as a primary basis for investment decisions, nor should it be construed as advice designed to meet the particular needs of an individual investor.
Rob Kron is not affiliated with Ameriprise Financial.
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