Social security has a ‘treasure trove’ of benefits if you listen to these expert tips
Social security has a ‘treasure trove’ of benefits if you listen to these expert tips

Social security has a ‘treasure trove’ of benefits if you listen to these expert tips

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Frequent, taxpayers apply for social security, see the benefit they owe and do not think about it much else. However, one expert claims that social security is an untapped well of potential that can bring you huge gains if you play the system right.

See: 11 Social Security Mistakes That Can Cost You A Fortune
Find: 5 Things Most Americans Do Not Know About Social Security

Boston University professor of economics and social security expert Laurence Kotlikoff writes in this new book, “There are many ways to turn your lifetime social security benefits into a treasure chest,” CNBC reports.

The author of “Money Magic: An Economist’s Secrets to More Money, Less Risk and a Better Life” says that social security is potentially the “biggest source of retirement funds” that you overlook.

One of the biggest arguments he puts forward is that there are vacancies in addition to their regular monthly social security benefit checks that many are unaware of.

Kotlikoff emphasizes that there are 13 different types of benefits you can receive, which include disability benefits, spouse benefits, divorced spouse benefits, childcare benefits, widow / widower benefits, child allowance, invalidity child benefits, mother / father benefits, divorced widow / widower benefits, grandchild benefits and death benefits.

The biggest problem for most people is that they simply do not search for them. These types of benefits must be applied for, which means that even if you are eligible, you will not automatically receive them from Social Security even if you are eligible for them.

A good example of this is spousal benefits. As GOBankingRates previously reported, Spouse benefits can increase your monthly benefit by as much as $ 800 extra dollars per month. For many seniors, this is a huge deal. Spouse benefits allow you to receive social benefits based on your spouse’s earnings (if their earnings were higher). This means that you can continue to receive your own benefits AND spouse benefits. The catch is that you do not know what you do not know and without applying you receive nothing.

In addition to applying for all the different types of benefits you can, the time you request benefits also has a huge impact on the total number of benefits you receive.

Kotlikoff emphasizes that waiting until the age of 70 is ideal for maximizing your benefits. The earliest you can draw on social benefits is 62 years old, but you will receive a minor check if you decide to draw on benefits early. According to the Social Security Administration, starting retirement at age 62 can sometimes result in as much as 30% less in your monthly check.

The longer you wait, the more you receive each month, and if you wait until the maximum distribution age of 70 years, you will receive the maximum social security benefit for your record.

Learn: Applying for social security early? What to do if you turn 62 in 2022
Discover: The salary you must earn to receive the maximum social security benefit

Important to note: Over the course of a lifetime, the total amount awarded will be more or less the same, but if you prefer a larger monthly check later rather than a larger number of smaller ones earlier, it is to wait for benefits right choices.

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This article was originally published on GOBankingRates.com: Social security has a ‘treasure trove’ of benefits if you listen to these expert tips

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