Two Not-So-Secret Ways to Increase Your Social Security Benefit
Friday, 15 March 2024, 08:00
Enhancing Social Security Benefits for Retirees
Retirees can secure a larger benefit by extending their tenure in the workforce or deferring Social Security until age 70.
Remain in (or return to) the workforce
- Indexed Earnings: Lifetime earnings and claiming age dictate benefit levels.
- Recalculated PIAs: Working longer boosts retirement benefits.
Workers should consider staying employed to replace low-earning years. Find your past income information with a my Social Security account.
Delay Social Security benefits until age 70
- Bigger Payout: Claiming later leads to higher benefits without working.
- Delayed Credits: Benefits increase by 8% yearly from full retirement age to age 70.
Workers can achieve a significant benefit increase by claiming Social Security at age 70, benefiting those yet to file and current beneficiaries.
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.