Best Social Security Tips for the New Year
It's that time of year again – time to start thinking about what steps you're going to take to improve your social security situation in the coming year. Here are some tips to get you started: 1. stay healthy – both physically and mentally Maintaining your overall health is key to ensuring that your social security retirement income will be as high as possible. Make sure to get regular exercise, eat a nutritious diet, and get enough sleep. Taken together, these are all key factors in maintaining your overall health and reducing your risk of diseases and conditions that can affect your social security eligibility and income. 2. make sure you're maximizing your contributions to social security If you're able to, make sure you're contributing the maximum amount possible to your social security account. Your effective tax rate depends on a number of factors, but the basic idea is that the higher your social security contributions, the lower your effective tax rate will be. And remember – any excess contributions you make beyond the limits set by social security will be treated as income and subject to taxation. 3. make sure you're flexible with your retirement income plans If you're able to, consider adjusting your retirement income plans so that you're able to