There are several factors that can impact how your Social Security benefit will affect your retirement income.

1. 40%. According to Social Security Administration, the average benefit for most retirees covers only about 40% of pre-retirement earnings. A long-term retirement plan can help you make up the difference.
2. Social Security benefits are calculated based on your 35 highest-earning years and the age when you begin taking benefits. So even if you slow down and take a part-time job before fully retiring, your benefit shouldn’t be impacted.
3. 70. You can take your benefit as early as age 62. If you wait until your full retirement age, you can boost your benefit by about 108%. If you wait until you turn 70, your benefit increase is 132%.
4. You have 12 months to change your mind and withdraw your application for benefits. If you decide to un-retire or choose to wait a few years to take your benefit, you have a year to apply for a do-over. You can only do this once.
5. Finally, talk with a financial professional to review your retirement income strategy and get help with any of the steps above.

 

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