3 Social Security Strategies to Bankroll Your Retirement
Do you expect Social Security to cover the bulk of your senior living expense? If you save diligently for many years, you may amass enough of a nest egg to rely less heavily on Social Security. But if you don't manage to do that, those benefits could become a major income source -- one you need to maximize as much as possible. With that in mind, here are a few key strategies to employ so you get the most from Social Security.
The Social Security benefit you're entitled to during retirement will hinge on your average monthly wage over your 35 highest-paid years in the workforce, so the more money you earn, the higher a benefit you'll be in line for. Now boosting your earnings may be easier said than done because you can't exactly demand raises left and right and expect to get them. But one thing you can do is take on work on the side to boost your income.
These days, a lot of people have a side hustle, and getting one could not only boost your wages for Social Security purposes but also put more money in your pocket to pay your bills. Furthermore, if you've struggled to save for retirement, getting a side gig could make it easier to fund an IRA or 401(k) plan so that you're a bit less reliant on Social Security down the line.
Source Fool.com
