If you're not already receiving regular Social Security payments, you probably will be one day, and if you want to be smart about it by reaping as much as you can, don't simply leave things up to chance.
The income you'll receive from Social Security isn't set in stone -- there are things you can do and decisions you can make today that will determine the size of your eventual benefit checks. Here are three smart Social Security moves you should make.
No. 1: Don't count on Social Security to support you
For starters, don't assume that Social Security will be enough, or almost enough, to support you in retirement. The program was designed to replace about 40% of pre-retirement income, though that percentage will vary a bit depending on your income level.
Despite the purpose of Social Security being a savings supplement, since many Americans retire with far less money than they need, Social Security becomes a vitally important income source for many. According to the Social Security Administration (SSA), 21% of married elderly Social Security beneficiaries and 44% of unmarried ones get 90% or more of their income from the program, while 48% of married elderly Social Security beneficiaries and 69% of unmarried ones get 50% or more of their income from it.
The income you'll receive from Social Security isn't set in stone -- there are things you can do and decisions you can make today that will determine the size of your eventual benefit checks. Here are three smart Social Security moves you should make.
No. 1: Don't count on Social Security to support you
For starters, don't assume that Social Security will be enough, or almost enough, to support you in retirement. The program was designed to replace about 40% of pre-retirement income, though that percentage will vary a bit depending on your income level.
Despite the purpose of Social Security being a savings supplement, since many Americans retire with far less money than they need, Social Security becomes a vitally important income source for many. According to the Social Security Administration (SSA), 21% of married elderly Social Security beneficiaries and 44% of unmarried ones get 90% or more of their income from the program, while 48% of married elderly Social Security beneficiaries and 69% of unmarried ones get 50% or more of their income from it.
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