QUICK TIP: Boost your benefits by delaying retirement

Michael Finney Image
Tuesday, July 16, 2019
EMBED <>More Videos

How can you boost your Social Security benefits? Here's how you can receive more each month without having to save more of your salary.

SAN FRANCISCO (KGO) -- Do you know the secrets to a well-financed retirement? Michael Finney has another 7 On Your Side Quick Tip for you!

You no doubt know you can save more money, but there's an alternative: you can work longer... and really, not that much longer. If you're fifty-six years old and you're looking into the future, and you think "I'm going to need more money," you can save an additional one percent of your salary for the next ten years. But you can also cover that cash by working an additional six weeks after your retirement age of 66. That's right, just six weeks.

If you're thirty-six years old, you can save an additional one percent of your salary every year for the next thirty years, or you can work an additional six months past 66 years old.

How does that work? Well, your Social Security increases if you don't take it earlier, and you're not getting into your savings as quickly. So, you can retire better off by working just a little bit longer.

Learn more here.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

Related

QUICK TIP: The three parts of a great car deal

    QUICK TIP: How can you tell if a 'hidden fee' is legal?

      QUICK TIP: Why now is the time to buy a used car

        QUICK TIP: Why you should bring two phones on vacation

          QUICK TIPS: How to boost your phone's battery

            QUICK TIPS: What to buy - and what not to buy - in June

              QUICK TIPS: How to pick the fastest line at the grocery store

                QUICK TIPS: Beware of the fake 'free DNA test' scam

                  QUICK TIPS: The risks of 'hidden city' fares

                    QUICK TIPS: Get the most out of your free annual credit report

                      QUICK TIPS: Preventing 'physical identity theft'

                        QUICK TIPS: Background checks for in-home help

                          QUICK TIPS: What is a 'hacker fare' - and how much money can it save you on air tickets?

                            QUICK TIPS: What is umbrella insurance?

                              QUICK TIP: Direct dial for hotel deals

                                QUICK TIP: When investing becomes an addiction

                                  QUICK TIP: Get a group discount on your next vacation

                                    QUICK TIP: A home run of a deal -- how to watch the SF Giants for free

                                      QUICK TIP: Asking for - and getting - a lower credit card rate

                                        QUICK TIP: Free college for San Francisco residents

                                          QUICK TIP: Get paid to rent your empty parking space

                                            QUICK TIP: The bundling trick that saves money on airfare

                                              QUICK TIP: How to boost your credit score without changing your spending

                                                QUICK TIP: Save money when getting your house ready to sell

                                                  QUICK TIP: How to save money on your car insurance

                                                    QUICK TIP: Deals for dining out while on vacation

                                                      QUICK TIP: 3 government websites to visit today!

                                                        QUICK TIP: How to shop at Costco without a membership card

                                                          QUICK TIP: What are the rules for returning things to the store?

                                                            QUICK TIP: How can new televisions be so cheap?

                                                              QUICK TIP: What are the rules for gift cards?

                                                                QUICK TIP: How to get better grades without studying harder!

                                                                  QUICK TIP: How to get a store loyalty discount without having a membership card