Maximizing Social Security benefits is a top concern for voters, according to a CNBC poll. Here are 5 steps you can take to get the most out of your benefits.

• In the upcoming U.S. presidential election, Social Security is considered "one of the top" or "very important" issues by most Americans, according to a recent CNBC poll.
• Numerous individuals lack comprehension of the Social Security system's operation and how to optimize their advantages, according to research.

In the upcoming U.S. presidential election, Social Security is considered "one of the top" or "very important" issues by most Americans, according to a recent CNBC poll.

A survey from the Nationwide Retirement Institute found that social security reform is a top concern for voters, with the majority stating that a candidate's stance on the issue would greatly influence their vote.

CNBC surveyed 1,001 registered voters from July 31 to August 4, while Nationwide's poll, conducted from April 19 to May 13, focused on adults who currently or expect to receive Social Security.

If Congress does not act, the Social Security trust fund will be depleted by 2033, leaving only 79% of benefits payable.

According to Nationwide, 72% of adults worry that the Social Security system will run out of funding in their lifetime due to uncertainty about future funding of the government program that guarantees a lifetime income stream in retirement.

In the 11 years of Nationwide's annual survey, there has been no comparable level of interest in Social Security reform and ensuring its future, as expressed by all generations, including millennials.

Nearly every retiree relies on Social Security benefits as a primary source of income. This year, approximately 68 million Americans will receive a monthly benefit, totaling about $1.5 trillion in payments. On average, retired workers receive $1,918 per month, as stated by the agency.

Ambrozy stated that when people are concerned about the Social Security system but don't understand it, it leads to a significant amount of anxiety.

To minimize stress and optimize your Social Security benefits in retirement, follow these five crucial steps.

1. Know your full retirement age

One-third of Americans are unsure about the age at which they are or were eligible for full Social Security retirement benefits, according to a Nationwide survey.

The retirement age for many individuals today falls between 66 and 67.

• If you are a member of the generation born between 1943 and 1954, your full retirement age is 66.
• If you were born in 1960 or later, your full retirement age is 67.
• Individuals born between 1954 and 1960 will experience a gradual increase in their full Social Security retirement age, which will eventually reach 67.

2. Determine the impact of when you claim benefits

You can begin receiving Social Security benefits at age 62, but you won't receive the full amount until your full retirement age. If you claim benefits before that, your benefits will be permanently reduced. For instance, if you claim benefits at 62 and your full retirement age is 67, your benefit could be reduced by as much as 30%. However, by waiting until your full retirement age, you can receive up to 100% of the benefits you've earned.

Delaying the claim of Social Security retirement benefits until age 70 could result in an 8% increase in benefits each year. However, experts advise against waiting if one is in poor health or requires immediate financial assistance.

3. Get a benefits estimate from ssa.gov.

While only 11% of Americans not retired know the exact amount of Social Security benefits they will receive, anyone can start estimating their eligibility for these benefits regardless of their retirement status.

You can obtain a statement with your earnings history and estimated retirement benefits from ages 62 to 70 by creating a "My Social Security" account on the Social Security Administration's website at ssa.gov. If you're 60 or older and don't have a "My Social Security" account, you'll receive a statement by mail three months before your birthday.

This statement will still give you an idea of how much of your income may be replaced by Social Security, even if you're decades away from retirement, as long as you continue to work and make wages that are in line with inflation.

According to NIRS research director Tyler Bond, an exact retirement amount can't be determined until retirement, but the Social Security Administration provides a reliable estimate each year.

4. Fix any errors in your earnings history

Experts recommend reviewing your Social Security statement annually to ensure that your wage history is accurate. This is especially important for self-employed individuals or those who hold multiple jobs in a year, as mistakes can occur. W-2 workers may have fewer errors, but it's still a good idea to double-check your earnings history.

To correct your earnings record, visit your local Social Security Administration office with your W-2 form, pay slip, or tax return, including Schedule SE if you're self-employed. You can also schedule an appointment or get help by phone at 1-800-772-1213 or request a correction online at ssa.gov.

Ensure that the link is to a secure ".gov" website before submitting any information to the Social Security Administration online. Instead of clicking on email links, type "SocialSecurity.gov" or "SSA.gov" in the search bar.

5. Coordinate Social Security benefits with other assets

Consider the significance of Social Security benefits in your retirement plan.

To determine the significance of Social Security benefits in your retirement plan, it is essential to explore all available resources, such as pensions, 401(k)s, IRAs, and proceeds from a home sale.

Experts suggest that 401(k), 403(b), and other workplace savings accounts can act as a transitional tool to postpone claiming Social Security benefits. For instance, if you possess a modest amount of 401(k) savings and plan to withdraw approximately 4% annually from that account during retirement, you may opt to utilize that money to cover expenses for a few years before claiming your Social Security benefits.

Bond stated that by postponing the claim of benefits until after the full retirement age, you will secure a permanently higher benefit amount.

It may be advantageous for married couples to evaluate whether it is more financially beneficial for the higher-earning spouse to delay or take early Social Security benefits, depending on the health of one spouse. Consulting with a financial expert can aid in analyzing different scenarios.

If you were married to a higher-earning ex-spouse for at least 10 years and are now divorced, you may be eligible for a spousal benefit on their record without needing to contact them.

It's never too early to have a plan for retirement income, as Social Security is often the only source of funds for many retirees.

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