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For many, Social Security is a "cornerstone" of their retirement - comprising nearly 40% of their income.
With many experts calling for retirement "replacement" income of upward of 80%, maximizing your Social Security has never been as important as it is today, so it may come as as a surprise to learn that nearly three-out-of-four Social Security recipients elect to receive their benefits early - permanently reducing the amount they receive, not only during their lifetime but for their spouse, after they die. In contrast, by delaying when you start receiving Social Security benefits, you can increase your retirement benefit by as much as 32%.
Source: Social Security Administration
At Northwest Financial Group, LLC, we can help your retirement planning by helping you understand the puzzle of social security and how to maximize your benefits.
Calculating your potential Social Security benefit is a three-step process.
There are other ways to maximize Social Security benefits, in addition waiting to claim them.
Here are five facts about Social Security that are important to keep in mind.