Financial Planner Tim Moomey shares a few tips to maximize your Social Security benefits.
First, if possible, improve your earnings record. Moomey says if you don't have 35 years of earnings, or if you had several years of low earnings, it might be worth it to work a few more years to add value to your earnings record.
Second, apply for benefits at the optimal time. Moomey says it could be worth it to delay benefits to receive the highest lifetime benefit for you and your survivor as long as one of you lives longer than your break even age. However, Moomey warns that there is no "one-size-fits-all" answer to this question, and recommends discussing the decision with your financial planner.
Third, coordinate spousal benefits. By understanding all the considerations and doing some calculations, a married couple can maximize income while both are alive and after the death of one of the individuals.
Moomey advises that there are many things to consider when deciding to take Social Security benefits, which is why it is important to check with a professional.