Here's Exactly How to Optimize for the Social Security Monthly Max
Receiving the maximum Social Security benefit is no easy feat. Simply put, it requires hitting a few important milestones over your working career and waiting several more years to finally claim benefits. As you might expect, those who pay into the system at the highest rate over a long time span are those most likely to hit the max payouts.
Below, you'll find the three things you'll need to do to optimize your Social Security payments in retirement.
While this is not an option for many people as they'll need the money well before age 70, the story goes that the longer you wait to claim benefits, the more you'll receive. If you claim benefits at 62, you'll receive about 30% less than if you had waited until your Full Retirement Age (FRA), now age 67 if you were born after 1960. At your FRA, you'll receive 100% of your standard benefit.
Source Fool.com
