Nearly 6 in 10 baby boomers now expect Social Security to be a major source of income in retirement. That's up from just over 40 percent two years ago, according to a recent survey by the Insured Retirement Institute.
Yet with the recent changes in Social Security claiming, brought about by the Bipartisan Budget Act of 2015, time is running out. For those in their 50s and 60s, now is the time to start planning how to make the most of this guaranteed stream of retirement income.
One Social Security strategy that could add thousands of dollars to your retirement income is referred to as "restricted application." Basically, the plan is to make a Social Security benefit claim now in order to claim more later.