5 Proven Ways to Boost Your Retirement Income
Retirement is a scary notion for some seniors, not because it means getting older, but because it means moving over to a fixed income with little financial wiggle room. If you're concerned about having enough money in retirement, here are a few things you can do to scrounge up extra cash.
Your Social Security benefits are calculated by taking your average wages, adjusted for inflation, over your 35 highest-paid years in the workforce. Once your monthly benefit is determined, you can begin collecting it in full once you reach full retirement age. That age is either 66, 67, or somewhere in between, depending on the year you were born.
But if you hold off on filing for benefits past full retirement age, you'll boost your monthly payments by 8% a year, up until you turn 70. And that increase will remain in effect for the rest of your life.
Source Fool.com
