Tips to Boost Your Monthly Social Security Income
Maximizing Your Social Security Benefits
A higher payday could be yours if you know these important rules. Millions of seniors today receive monthly benefits from Social Security. And many retirees rely heavily on those benefits to pay the bills.
You may be eager to squeeze as much money as you can out of Social Security. And to do that, it might help to follow these little-known tips:
- Check your earnings record for errors: The monthly benefit you receive from Social Security as a retiree will hinge on your personal wage history. But underreported income could result in a smaller monthly benefit down the line.
- Keep working later in life: Many people retire at a time when their salaries are at their highest in their lifetime. But if you're able to keep working a bit longer once your earnings have peaked, it could result in a higher monthly benefit from Social Security.
- Undo an early filing: Your monthly Social Security benefit is yours to enjoy in full once you reach full retirement age (FRA). You can sign up for Social Security ahead of FRA, since you're allowed to claim benefits starting at age 62. But for each month you file ahead of FRA, your monthly benefit gets reduced on a permanent basis.
Sometimes, eking more money out of Social Security boils down to knowing the program's rules. If your goal is to get as high as benefit as you can, check your earnings record every year, push yourself to keep working once your income peaks, and take advantage of Social Security's do-over option if you filed early.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.