We understand that to have the most comfortable lifestyle even during retirement requires money. And for you to continue your current luxurious lifestyle, it is essential that you save a fortune for yourself and your family. Well, if you are already in your retirement phase and reading this, there is one way you can earn a fortune. It might be a little different idea than most sites, but we recommend you claim for PPI.
PPI mis-selling has been the biggest financial scandal across the UK and which just increases your possibility of having a PPI policy alongside the financial products you purchased over your lifetime. Do a quick check on all the financial products that you have purchased over years to see whether you were sold PPI along with it. If you do discover that you have had PPI and it was mis-sold to you, you can make a claim yourself or seek help from claim management companies.
Upon making a successful PPI claim, the amount received as compensation can be used in your retirement. But if you among those individuals who are planning their retirement early in life, social security could be one of many ways to have a secure retire life.
Social security in the United Kingdom has several forms but plays a very essential role its citizens. Most of the retirees majorly depend on their social security benefits for money they would need to cover their basic living expenses. So, if you want to make the most of the social security, you might as well start planning for it well in advance. Reason of planning in advance regarding social security is that you will find it easy to take steps that will lead you towards a true difference in the amount of your monthly benefit checks.
Everyone is however struggling to increase the social security benefits they would be receiving. There are several ways in which you can do so. To make it easier for you, we are here to help. Following are three most effective ways to increase your social security benefits.
1: Maximise Your Earnings History
The UK’s social security administration considers your top 35 earning years of your career to calculate how much should you receive in benefits. The receiving amount is adjusted for inflation, so the difference between what you have earned early in your life and what you earned most recently will not be quite as wide as they would otherwise be.
The way the calculation for your benefits is conducted make two things clear:
First, if you are not working at least 35 years in your lifetime, then you are possibly putting yourself at a disadvantage. This is because the authorities imply factor in zero for the years that you did not work which eventually decreases your average earnings and therefore reduces your benefits.
Second, even if you have worked for 35 years and more, you can still gain better benefits if your current income is higher than your lowest earning year after adjusting for inflation.
2: Claim at the right time
The time you claim your social security benefits also makes a big difference in how much you receive every month. We recommend you wait until you are 70 to claim your retirement benefits. The monthly benefits you receive then would obviously be greater (75 per cent higher) than they would be if you claim at the age of 60. When to claim your benefits depends on numerous personal factors which are difficult to generalise.
3: Be smart about family benefits
If you are only considering social security’s retirement benefits, then you are probably missing out on a huge potential source of income. We know that adding spousal and survivor benefits under your social security can complex the program, but there are certain situations in which these benefits can actually be more important than your main retirement benefits.
For instance, if you relatively earned little during your working life but your spouse had comparatively higher earnings, then you might like to pay a closer attention to what impact your spousal and survivor benefits could have both in present as well as the future.
Make the most of your social security
Millions of UK citizens depend on social security, and it is obvious to expect the most out of it. If you consider the above mentioned three things, you are bound to improve your chances of boosting your social security when you need it the most.