Easy Ways to Maximize Your Social Security Benefits

Boost Your Social Security Benefits with These 3 Simple Strategies

Introduction

A higher monthly benefit could do you a lot of good. The average baby boomer today has $120,300 saved for retirement, while the average member of Gen X has $108,600. Unfortunately, these aren't particularly large sums of money. People with similar savings levels may heavily rely on Social Security once they retire.

1. Work at least 35 years

• Important: Social Security calculates your monthly benefit based on your 35 highest-paid years in the workforce.
• Insight: Working additional years can increase your savings and make you eligible for more Social Security benefits.

2. Check your earnings statements for accuracy

• Essential: Verify the accuracy of your earnings statements to avoid underreported earnings that may lead to reduced benefits.
• Benefit: Correcting mistakes can result in a higher monthly benefit.

3. Delay your claim until you turn 70

• Crucial: Postponing your claim past full retirement age can raise your monthly benefit significantly.
• Advice: Consider filing at age 70 to maximize your benefit.

Implementing these strategies can help secure a more prosperous retirement by maximizing your Social Security benefits. Remember to plan wisely to ensure financial stability throughout your senior years.