Many of us are depending with trepidation on Social Security for our retirement years. It’s not that we want to depend on Social Security; it’s that we don’t have any other option. We don’t have retirement from the companies we’ve worked for; we don’t have fully-funded retirement accounts; and we don’t have the money we need sitting in bank accounts or investments.
The problem is, Social Security was never intended to be the only source of retirement income for senior citizens. The plan was based on providing 40% of a retired person’s income, not 100%.
Yet it is often a much higher percentage of a retiree’s total income, simply because they don’t have other sources.
With this in mind, it just makes sense to get the most out of your Social Security benefits. That means getting the biggest payments possible, so that you have enough to live on.