Effectively Boost Your Social Security Benefits with These 3 Strategies

Maximize Your Social Security Benefits: 3 Effective Strategies

All of these could lead to a more generous monthly check. As of January 2024, the average monthly benefit Social Security was paying retirees was $1,907. But your goal may be to score a much higher benefit than that for your retirement. If so, you may want to employ these three strategies.

1. Work at least 35 years

You'll often hear that the monthly Social Security benefit you're entitled to in retirement is calculated based on your lifetime wages. That's not necessarily true.

Social Security accounts for your 35 highest-paid years in the labor force when determining what monthly benefit you're in line for. So if you have a 42-year career, seven years of wages won't count in the context of calculating your personal Social Security payments. That said, if you don't have 35 years in the workforce under your belt, you'll have zeros factored into your Social Security benefits calculation for each year you're missing income on record. As you might imagine, those zeros could bring down your benefit substantially.

So if you're nearing the end of your career and realize you're a few years shy of having put in 35 years, try to work longer to get to that point. It could really pay off in the form of a higher monthly benefit for life.

2. Boost your earnings during your career

The more money you actually make during your 35 most profitable years in the workforce, the more Social Security you might get in retirement. So to that end, it pays to do what you can to boost your wages, whether by joining the gig economy on the side of whatever it is you do full-time, or by simply working hard to grow your skills and earning promotions that come with raises at your main job. That said, you should know that earnings beyond the annual wage cap won't help you grow your Social Security benefits. This year, for example, the wage cap for Social Security tax purposes is $168,600.

So if you're already earning $170,000, growing your wages to $175,000 won't do anything for you from a Social Security perspective. However, extra income is always a nice thing to have, so don't let that discourage you from trying to earn more.

3. Delay your claim until age 70

You're entitled to your full monthly Social Security benefit based on your top 35 years of wages once full retirement age arrives. That age is either 66, 67, or somewhere in between, depending on the year you were born. However, if you delay your Social Security claim past full retirement age, you'll boost your monthly benefit by 8% a year, up until age 70.

And that boost is yours to enjoy permanently once you lock it in. You should also know that delaying your claim until age 70 could benefit not just you, but also your spouse. If your spouse outlives you, they'll be entitled to survivors benefits from Social Security equal to 100% of the monthly payday you received while you were collecting benefits. So the higher you can get your monthly benefit to be, the more income you might leave behind for your spouse.

A more generous Social Security benefit could work wonders for your financial health in retirement. Consider these strategies to boost those monthly payments and enjoy the perks that go along with having access to more money as a retiree.

The $22,924 Social Security bonus most retirees completely overlook. If you're like most Americans, you're a few years (or more) behind on your retirement savings.

But a handful of little-known 'Social Security secrets' could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

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