You can take steps to increase the amount of social security you will receive. They may not always be the steps you want to take, but keep in mind social security is one source of guaranteed income that will also increase with inflation, so a small increase in your initial benefit will result in a proportionately larger benefit each and every year.
Any of the steps below will have a positive impact on what you receive; implement all three steps and you’ll be able to significantly increase the amount of social security benefits you are eligible to receive.
Social security uses your highest thirty-five years of work history to calculate your social security retirement benefit. Make sure you have a full 35 years of work history in to maximize your benefits.
Not surprisingly, the higher your earnings, the greater your retirement benefit will be. Note, however, that earnings over the annual limit are not considered in your benefits calculation.
Want to increase your social security retirement income by 25% or more? Simply wait to apply for benefits until you reach 70. This works because once you reach full retirement age, your benefits do not cap out. As a matter of fact, for each year after full retirement age that you delay taking benefits, you will accumulate a permanent increase in your benefits of 5-8% a year.
Are there strategies you, or you and a spouse, can use to maximize your social security benefits? Yes, there are a few, but each only works if you fit a specific set of criteria.
