Ways to Boost Your Social Security Benefits

by Clauson on September 4, 2017



The payments that you receive from the Social Security Administration are an important addition to your retirement income. Many people rely on these payments to provide partially for them no longer working. Because of this, it’s important to fully understand the factors that go into the payments that you receive. You need to plan for your future in the best way possible and that includes your retirement.

Boost Your Social Security Benefits

Strategies to boost your Social Security benefits:

1) Work for the most years that you are able to.
One way to make sure that you receive higher payments once you retire is by working for at least 35 years. The 35 years that you received the most income will be averaged together to determine your payments. If you worked less than 35 years, the zeros will be added in as well. This will lower the amount that you can receive.

2) Increase your income whenever possible.
The more you earn, the more you will be able to get from Social Security when you retire. You can do this through job progression or additional income from a second job.

3) Keep working until your full retirement age.
For most people, your full retirement age will be either 66 or 67. If you claim early, your payments will be reduced. If you wait until full retirement age, you can receive your full payments during your retirement.

4) Delay claiming Social Security until you’re 70, if possible.
If you’re able to wait to claim until you turn 70, you will be able to increase your payments. For each year between your full retirement age and age 70, your payments will increase by 8 percent for each year.

5) Claim spousal payments.
You are able to receive 50 percent of the higher earner’s benefit if you were married for at least 10 years. This can either be a current or ex-spouse.

6) Claim twice.
After you hit your full retirement age, couples that both earned money could claim spousal benefits and then later switch to payments based on your own work record.

7) Don’t forget about your kids.
If you have dependent children under 19, you may be able to get additional Social Security payments for them that are worth up to 50 percent of your full retirement benefit.

When it comes to planning for your retirement, make sure to keep these strategies in mind to boost your Social Security benefits. The more you plan now, the better retirement you can have.

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