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The Motley Fool fool.com 31 Jul, 2022 14:30 am

3 Social Security Strategies to Bankroll Your Retirement

3 Social Security Strategies to Bankroll Your Retirement
By making some smart moves now (and later), you can increase your benefits.

Social Security is probably going to be more vital to your future financial security than you think.But whatever it delivers will be important: According to the Social Security Administration, the program provides about 30% of the income of elderly people.It might seem obvious: Earn more to get more Social Security income.For one thing, the formula that determines our personal Social Security benefit is based on our earnings for the 35 years in which we earned the most (on an inflation-adjusted basis).

The table below shows the percentage of the full Social Security benefits you'll receive based on when you start collecting: Start Collecting at: FRA of 66 FRA of 67 62 75% 70% 63 80% 75% 64 86.3% 67 108% 100% 68 116% 108% 69 124% 116% 70 132% 124% Finally, it's a smart strategy to not count on Social Security for too much, and to set up additional income streams for your later years.

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