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Four things you need to do to get a good retirement in the USA

Millions of older people today rely on social security to pay bills, and many workers will undoubtedly depend on the size of benefits in the future.

Фото: Depositphotos

Although social security was never meant for the survival of retirees, it can be a significant source of income. That is why it is very important to get the most out of the program as much as possible. But if you are not careful, you may end up reducing your benefits and losing your main income when you need it most.

Here are some mistakes that will reduce your payouts, and ways to avoid them.

1. No 35-year experience

Your social security benefits are calculated based on how much you earned during your 35 best working years. So, if you do not have a 35-year experience, you will have $ 0 for each non-working year. If you accumulate too many of these years, your payments may be much less than we would like.

So what happens if you are approaching retirement and have, say, 32 years of work experience? It's simple: think about how to work longer. For each additional year you stay at work and pay social security taxes, you replace zero with actual income, thereby helping yourself to avoid losing high benefits when you retire.

2. Ignorance of the retirement age

Your full retirement age is the age at which you are eligible for your monthly benefits based on your earning history.

The retirement age depends on your year of birth.

If your retirement age is 67 years, and you come out in 62 years, get ready for an 6,67% reduction in payments in the first three years, and an 5% reduction in each subsequent year.

This means that social benefits in 62, while your full retirement age is 67, will reduce payments by as much as 30%. It is estimated that 74% of Americans do not know their full retirement age. You cannot ultimately claim benefits at full retirement age due to other circumstances, but you should at least know what you are dealing with.

3. Do not seek to improve during your career.

The more money you make during your career, the higher social security payments will be.

If you have reason to believe that you have been underestimated (let's say you did your research and determined that your earnings are low for your position and industry), you should approach your manager and discuss the idea of ​​improvement. Although these negotiations will not be easy, you can provide data indicating that your company can earn more through your efforts.

4. Do not correct mistakes in your income record.

You have now realized that social security benefits are based on your income. But if the record of your income contains inaccurate information, you will lose money. Imagine that you worked for 35 years, but for some reason the Social Security Administration (SSA) has information only about 32 years of work experience. If you do not take steps to correct this error, you will lose money when you retire.

That is why it is so important to regularly check your payroll reports and eliminate any errors you find.

Keep copies of all tax documents for each year of work, until you are sure that the SSA has the same information in the file. Otherwise, you may need this documentation to correct the error.

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