Summary
Seniors relying on Social Security should actively plan their retirements to get the most from their benefits. Carefully timing when you start claiming can significantly increase your lifetime income, since delaying past early eligibility boosts monthly checks. If you regret claiming too soon, you can withdraw your application within a year or suspend benefits at full retirement age to grow future payments. Many recipients also face federal and possibly state taxes on their benefits based on their income, so budgeting for taxes or arranging withholding can prevent surprises. Understanding these rules helps seniors protect more of their retirement income.
The Motley Fool
