• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100
(913) 385-9400

Attend a Webinar - OK Attend a Webinar - KS/MO
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Leawood Probate
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Kansas
      • Johnson County
        • Fairway
        • Mission
        • Overland Park
        • Prairie Village
        • Shawnee
      • Wyandotte County
    • Oklahoma
      • Edmond
      • Midwest City
      • Moore
      • Norman
      • Oklahoma City
      • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Uncategorized » How To Increase Your Social Security Benefits

How To Increase Your Social Security Benefits

May 4, 2011 by Larry Parman, Attorney at Law

With the baby boomer generation reaching retirement age there are a lot of studies being done with regard to how prepared people are for their post-work years. A recent Associated Press-LifeGoesStrong.com poll indicates that 64% of baby boomers who will be retiring in the coming years will be counting on Social Security as the foundation of their retirement. Some 44% of respondents stated that they are more or less certain that they will not feel comfortable financially once they retire. Of course on the flip side 55% of people indicated that they are indeed confident they will enjoy a financially secure retirement, but many of them will be relying on Social Security to provide the cornerstone.

If the Social Security benefits that you will receive do indeed play a big role in your retirement planning efforts, you may well want to do everything possible to maximize your benefit. A good way to make the most of your Social Security eligibility is to work a few years beyond your full retirement age, and this is something that you may want to keep under consideration as you are planning your retirement.

There are two ways that working past your full retirement age can increase the amount of the benefit that you ultimately receive when you do apply for Social Security. For one, you can earn delayed retirement credits that increase your benefit by 8% per year that you work past your full retirement age up to the age of 70.

In addition, the amount of your Social Security benefit is determined based on your 35 highest earning years. So, let’s say you work three years beyond your full retirement age and make $50,000 a year. If you earned $25,000 a year during your three lowest earning years prior to this, they would be replaced by the $50,000 earning years and your benefit would be enhanced when you did retire.

Larry Parman
Founding Attorney

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Estate Planning: It’s Simpler Than You Think - April 8, 2021
  • You Should Have These Estate Planning Documents - March 30, 2021
  • Is There a State Estate Tax in Oklahoma? - March 25, 2021

Filed Under: Uncategorized Tagged With: Charitable Giving, living trusts, Probate, Veterans Benefits Planning

Other Articles You May Find Useful

estate plan resolution
New Year’s Resolution: Schedule an Estate Plan Review
Parman & Easterday
Understanding Estate Planning – What is an Executor?
Will Your Estate Plan Still Work If You Move?
Parman & Easterday
Priceless Lesson from a 43-Year-Old Index Card
Overland Park estate planning attorney
Making Use of a Letter of Instruction
Larry Parman’s Brother, A Medical Doctor, Survives COVID-19 and Shares Important Lessons Learned in This Interview

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018
parman_sidbr_map

Where We Are

OVERLAND PARK, KS
10740 Nall Avenue, Suite 160
Overland Park, KS 66211
Phone: (913) 385-9400
Fax: (913) 385-9422
parman_sidbr1_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 5:30 PM

Footer

footer-logo

The information on this Oklahoma and Kansas Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2021 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube