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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
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Congress recently eliminated 2 lucrative Social Security claiming strategies for most Americans. But there are still plenty of ways to boost the check that’s likely to be a main source of income in retirement.
Shop Bankrate today for the best rates on high-yield 1-year jumbo CDs.
There are a few things to keep in mind. One is that benefits typically are reduced if they’re started before the recipient’s full retirement age, which is currently 66 and rises to 67 for people born in 1960 and later. Also, people who receive benefits before full retirement age and continue working lose $1 for every $2 they earn over a certain amount, which in 2016 is $15,720.
For those reasons, waiting until at least full retirement age to begin benefits is often, though not always, the best strategy. Free calculators at the AARP and T. Rowe Price can help determine the best approach, or people can pay $40 to get a more sophisticated analysis from sites such as MaximizeMySocialSecurity.com and SocialSecurityChoices.com.
Here are 3 things to know before beginning those calculations:
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