How to boost your social security benefits? Check out the story
Once you know how the government calculates Social Security, it's easy to spot ways to maximize your checks.
Social Security is about a decade away from insolvency, and that's scary for many workers to consider.
While it's inaccurate to say young workers won't get any money from the program, it's possible they may get less than what retirees are receiving today.
It's frustrating, especially for those who aren't able to save as much as they'd like to for retirement on their own.
However, while you cannot control what happens to Social Security in the future, there are three key steps you can take to ensure you get as much from the program as possible.
The Social Security Administration looks at your average monthly income, adjusted for inflation, over your 35 highest-earning years when calculating your checks.
It is possible to be eligible for Social Security with a work history as short as 10
But if you hope to maximize your benefits, it's important to remain in the workforce for at least 35 years before applying if you're able to do so.
When you apply for benefits with a shorter work history, the government includes zero-income years in your benefit calculation
That shrinks your checks, sometimes considerably. Consider someone who earns $50,000, adjusted for inflation, for 35 years.
Ultimately, you have to make the right decision based on your finances and life expectancy.