Get More of the Social Security You Deserve With These 3 Strategies

Get More of the Social Security You Deserve With These 3 Strategies

(Maurie Backman)

Social Security is not something seniors are automatically eligible for. To qualify for Social Security, you must work and pay taxes on your earnings, to the point where you have accumulated enough work credits over your lifetime.

Since you’re constantly giving up part of your salary for social security contributions throughout your career, it makes sense that you’d want the highest monthly benefit once you’re ready to enroll. And if you make these key changes, you could end up with more Social Security income — and a much more comfortable retirement.

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1. Increase your income

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Social Security does not pay all recipients the same amount of money each month. Rather, it calculates the benefits individually. And the amount of money you are entitled to from Social Security will depend on your personal income history.

That’s why it pays to do what you can to increase your income. The more you earn (up to a point, but that threshold is high), the more you can expect a generous monthly benefit.

Now, you’re unlikely to snag a raise by being that person who asks for a raise year after year but doesn’t work for it. Instead, build your skills so your employer is willing and willing to raise your salary.

You can also increase your salary by taking on a second job, even one that involves freelance work. As long as you file and pay taxes on your income, it will count for Social Security purposes.

2. Work at least 35 years

The Social Security Administration considers your 35 highest earning years to determine the monthly benefits you will receive. For each year you go without income, you get $0 taken into account when calculating your benefits.

That’s why it’s important to keep an eye on your work history and aim for 35 years of work if you can. If you’re nearing the end of your career but haven’t quite worked 35, extending your time in the workforce could lead to higher Social Security pay.

3. Defer your return until age 70

The monthly social security benefit to which you are entitled based on your earnings history returns to you in full once you reach full retirement age (FRA). This age is 66, 67 or 66 years and a certain number of months, depending on your year of birth.

But the Social Security Administration rewards filers who delay their claims with an increase in their benefits. For each year you delay filing the FRA, your monthly benefits increase by 8%, until you turn 70. So if you’re willing to wait until your 70th birthday to enroll, you’ll get a minimum 24% increase (the exact amount will depend on your FRA).

After working hard all your life, you deserve a comfortable retirement without financial worries. And a higher Social Security benefit could be your ticket to that goal. Employ these strategies and you could find yourself very satisfied with the monthly salary you are earning.

The $18,984 Social Security premium that 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 boost your retirement income. For example: an easy trick could earn you up to $18,984 more…every year! Once you learn how to maximize your Social Security benefits, we believe you can retire confidently with the peace of mind we all seek. Just click here to find out how to learn more about these strategies.

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