by Mary Beth Franklin, Senior Editor, Kiplinger's Personal Finance
Despite a temporary shortfall, the nation's primary retirement system
continues to pay full benefits. We show you how to make the most of
yours.
It's official: High unemployment and a resulting decline in
payroll-tax collections have taken a toll on the Social Security
program. Benefits will exceed revenues for the first time in 2010 --
six years ahead of previous projections -- according to the Social
Security Trustees' 2010 report released Thursday. But the nation's
vital retirement program is expected to slip back into the black -- at
least temporarily -- when the economy recovers, before posting
increasingly larger deficits as more baby-boomers reach retirement
age.
Strategy 1 : File and Suspend
Strategy 2: Collect Some Now, More Later
Strategy 3: Retirement Do-Over
It took about six months from the time Phillips filled out Form 521
until he began receiving his new, higher benefit -- an increase of
$1,175 per month over his previous amount -- plus a check for three
months of retroactive benefits dating back to his 70th birthday.
Despite the delays and hiccups along the way, Phillips says it was
worth the effort to increase their monthly benefit by 160%, with
built-in cost-of-living adjustments -- no matter how long he and
Deirdre live.
Read details here :
http://finance.yahoo.com/retirement/article/110266/secrets-to-maximizing-social-security?mod=retire-planning
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