If you were retiring tomorrow, which monthly income would you rather receive: $1,543 or $3,895?

The $1,543 figure is the average monthly Social Security retirement benefit in 2021, while $3,895 is the maximum possible monthly benefit.

While the size of your ultimate Social Security benefit depends on the earnings you report over your working life, that's not the only component. Simple things you do or fail to do while you're working, as well as when and how you claim when the time comes, can make massive differences in your lifetime benefits.

That's why it makes sense to get a better understanding of how Social Security works at the earliest possible time. And why it's important to test various strategies as you approach retirement. There are myths you should dispel and tips you need to understand.

And that's what this week's "Money!" podcast is about. We will go over the basics of Social Security and help you get the biggest benefit possible and avoid common claiming mistakes.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.

Want more information? Check out these resources:
A Simple Way to Maximize Your Social Security
10 Things That Can Ding Your Social Security Payments
7 Social Security Myths That Can Cost You in Retirement
6 Things Many Americans Get Wrong About Social Security
9 Social Security Terms Everyone Should Know
12 Ways to Maximize Your Social Security Checks
5 Times When It's Smart to Claim Social Security Early
How to Qualify for the Highest Possible Social Security Benefit
U.S. News & World Report: 10 Ways to Increase Your Social Security Payments
Investopedia: 5 Tips to Increase Your Social Security Check
Barron's: 3 Ways to Maximize Your Social Security Benefits
Bankrate: 5 ways to maximize your Social Security benefits
Kiplinger: To Maximize Your Social Security Benefits, First Do Your Homework
Stacy's stock portfolio
Subscribe to the Money Talks News newsletter
Take our course The Only Retirement Guide You'll Ever Need
Take our course Money Made Simple
Miranda Marquit's website

If you were retiring tomorrow, which monthly income would you rather receive: $1,543 or $3,895?
The $1,543 figure is the average monthly Social Security retirement benefit in 2021, while $3,895 is the maximum possible monthly benefit.
While the size of your ultimate Social Security benefit depends on the earnings you report over your working life, that's not the only component. Simple things you do or fail to do while you're working, as well as when and how you claim when the time comes, can make massive differences in your lifetime benefits.
That's why it makes sense to get a better understanding of how Social Security works at the earliest possible time. And why it's important to test various strategies as you approach retirement. There are myths you should dispel and tips you need to understand.
And that's what this week's <a href="https://www.moneytalksnews.com/podcasts/">"Money!" podcast</a> is about. We will go over the basics of Social Security and help you get the biggest benefit possible and avoid common claiming mistakes.
As usual, my co-host will be financial journalist <a href="https://www.moneytalksnews.com/author/mirandamarquit/">Miranda Marquit</a>. Listening in and sometimes contributing is producer and novice investor <a href="https://www.moneytalksnews.com/author/aaronfreeman/">Aaron Freeman</a>.
Want more information? Check out these resources:
<ul>
<li><a href="https://www.moneytalksnews.com/solutions/social-security/">A Simple Way to Maximize Your Social Security</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/10-things-that-could-hurt-your-social-security-payments/">10 Things That Can Ding Your Social Security Payments</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/social-security-myths/">7 Social Security Myths That Can Cost You in Retirement</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/what-many-americans-get-wrong-about-social-security/">6 Things Many Americans Get Wrong About Social Security</a></li>
<li><a href="https://www.moneytalksnews.com/social-security-terms/">9 Social Security Terms Everyone Should Know</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/12-ways-to-maximize-your-social-security-checks/">12 Ways to Maximize Your Social Security Checks</a></li>
<li><a href="https://www.moneytalksnews.com/why-you-should-not-delay-claiming-social-security/">5 Times When It's Smart to Claim Social Security Early</a></li>
<li><a href="https://www.moneytalksnews.com/slideshows/how-to-qualify-for-the-highest-possible-social-security-benefit/">How to Qualify for the Highest Possible Social Security Benefit</a></li>
<li>U.S. News &amp; World Report: <a href="https://money.usnews.com/money/retirement/social-security/slideshows/ways-to-increase-your-social-security-payments">10 Ways to Increase Your Social Security Payments</a></li>
<li>Investopedia: <a href="https://www.investopedia.com/articles/retirement/081616/5-tips-increase-your-social-security-check.asp">5 Tips to Increase Your Social Security Check</a></li>
<li>Barron's: <a href="https://www.barrons.com/articles/social-security-benefits-51633118253">3 Ways to Maximize Your Social Security Benefits</a></li>
<li>Bankrate: <a href="https://www.bankrate.com/retirement/maximize-your-social-security-benefits/">5 ways to maximize your Social Security benefits</a></li>
<li>Kiplinger: <a href="https://www.kiplinger.com/retirement/social-security/602373/to-maximize-your-social-security-benefits-first-do-your-homework">To Maximize Your Social Security Benefits, First Do Your Homework</a></li>
<li><a href="https://docs.google.com/spreadsheets/d/1h09OsyC3tPHYoSxJEsmo97mciSKfA1w3IbsDRCWMLpQ/edit?usp=sharing">Stacy's stock portfolio</a></li>
<li>Subscribe to the <a href="https://www.moneytalksnews.com/#newsletter">Money Talks News newsletter</a></li>
<li>Take our course&nbsp;<a href="https://unb.moneytalksnews.com/retirement-guide/">The Only Retirement Guide You'll Ever Need</a></li>
<li>Take our course&nbsp;<a href="https://www.moneytalksnews.com/courses/money-made-simple/">Money Made Simple</a></li>
<li><a href="http://mirandamarquit.com/">Miranda Marquit's website</a></li>
</ul>

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Welcome to Money Talks News: The Podcast, a podcast devoted to everything money: how to get it, how to grow it and how to keep it. From the creators of MoneyTalksNews.com, a leading source of personal finance news and advice since 1991.

Money Talks News: The Podcast

10 Secrets to Maximizing Your Social Security

https://api.omny.fm/orgs/67ee9ddc-11a3-4cec-841d-ac9a015d5b41/clips/3706f75a-51d1-4424-886c-ae05015c5be0/transcript

Transcript

Advertisement