In a world where pensions are becoming more and more rare, it’s up to you to try and maximize your retirement funds. It used to be that companies would continue to pay you a monthly pension beyond retirement and up until the day you die. But, nowadays, pensions are few and far between. To set yourself up for your golden years, you’ll need to find other ways to grow your nest egg. Read on to find out 6 ways to keep yourself secure after your working days are over.
1. Wait Until 70 to Collect Social Security
One great tip for maximizing your retirement fund is to wait until you are 70-years old to start collecting your social security payments. Despite the fact that you can start receiving payments at the age of 62, it’ll benefit you greatly if you wait until you are 70.
For each year you wait, the government will give you extra benefits. If you claim at 70, you’ll receive a 32% increase in your monthly payments, compared to if you started receiving Social Security at 66-years old. But, beyond 70, there’s no reason to wait as after that age the benefits will no longer increase.
However, when you are deciding if you want to wait, it’s important to consider your life expectancy, health and family history. For example, if your relatives don’t seem to make it much past the age of 70, you’ll be better-off claiming your money before.