**Title:** Three Social Security Strategies to Explore in the Early 2025 Landscape
Kickstart the new year with financial resolutions beyond debt repayment and savings boosts. Social Security is another vital aspect to focus on, especially since certain moves during your working years can impact your retirement benefits. So, prioritize these tasks before the year ends:
1. Suss out your earnings record
A missing income record with the Social Security Administration (SSA) might result in a lower monthly retirement benefit. To avoid this, thoroughly review your annual earnings statement on SSA.gov. If the statement misses any income, reach out to the SSA to sort out the discrepancies.
2. Calculate your full retirement age
Your full retirement age depends on the year you were born, with individuals born in 1960 or later being 67. Utilize your earnings statement to gauge your estimated monthly Social Security income at full retirement age.
3. Formulate an income strategy
A higher income can positively influence your near-term finances and subsequently, your retirement benefits. Set income goals for 2025 and devise a strategy to reach them, whether it's jumping jobs, boosting skills for a promotion, or embarking on a side hustle.
Don't forget to declare your side hustle earnings to the IRS to stay out of trouble and ensure that your Social Security benefits are calculated correctly.
Consider setting aside a portion of your additional income towards retirement savings, as this can significantly enhance your financial stability during your golden years. To make the most of your retirement funds, research various investment options and consider diversifying your portfolio.
During retirement, it's essential to create a budget that not only covers your essential expenses but also allows for some discretionary spending. Properly managing your money in retirement can ensure that your savings last, and you're able to enjoy your well-deserved time off without worrying about financial constraints.
