Social Security benefits are a vital source of income for millions of Americans, especially seniors and people with disabilities.
However, many eligible recipients are not fully aware of the ways they can increase their monthly benefit. If you’re one of those individuals, you could be leaving money on the table.
With the possibility of adding up to $700 more a month to your Social Security checks, it’s crucial to take action before it’s too late. Here’s everything you need to know about how you can boost your monthly Social Security benefit and claim this extra money.
How Can You Increase Your Social Security Benefits?
While Social Security is designed to provide a steady income, the amount you receive depends on several factors, including your work history, your age, and your earnings. However, there are specific strategies that can help you maximize the amount you get each month.
Here’s a closer look at how you might qualify for $700 more per month in Social Security benefits:
1. Delayed Retirement Credits
One of the simplest ways to increase your Social Security benefit is by delaying your retirement claim.
If you start claiming Social Security before your Full Retirement Age (FRA), which is typically 66 or 67, your monthly benefit will be permanently reduced. On the other hand, if you wait until after your FRA to claim Social Security, you can earn delayed retirement credits.
- How it works: For every year you delay claiming Social Security after your FRA (up to age 70), your benefit increases by 8% per year.
- Example: If your standard monthly benefit is $2,000 and you delay claiming Social Security for 4 years (until age 70), you could see an increase of $8,000 per year, or $667 per month—close to the $700 boost you’re looking for.
While waiting until age 70 to claim may seem like a long time, this increase can make a significant difference in your long-term financial security.
2. Work Longer and Earn More
Your Social Security benefit is based on your 35 highest-earning years. If you have low-earning years on your record, your benefit could be reduced. But there’s a way to increase your monthly benefit by working longer and earning more.
- How it works: By working for more years or earning a higher income, you could replace low-earning years with higher-earning ones. The higher your lifetime earnings, the higher your Social Security benefit will be.
- Example: If you have 35 years of earnings below your potential, working additional years at a higher salary can significantly increase your monthly benefit. Depending on your previous earnings, this could result in an additional $700 or more per month.
If you’re nearing retirement and haven’t worked 35 years or if you have a few years of lower earnings, working longer or increasing your income can provide an important boost.
3. Claiming Spousal Benefits
Another way to increase your Social Security benefit is by utilizing spousal benefits. If your spouse has earned a higher Social Security benefit than you, you may be able to claim up to 50% of their benefit.
- How it works: If your spouse’s earnings record is higher, you can choose to claim a spousal benefit instead of your own. This could increase your monthly benefit if their Social Security payment is larger than what you would receive based on your own earnings.
- Example: If your spouse is entitled to $2,000 per month and you qualify for 50% of that benefit, you could receive $1,000 per month in Social Security instead of your own $700 benefit.
This can be particularly helpful if you are married and have not worked enough years to qualify for a significant Social Security payment.
4. Switching to a Survivor Benefit
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If you’re widowed or divorced, you may be eligible for survivor benefits based on your deceased spouse’s earnings. In some cases, you can claim survivor benefits as early as age 60 (or 50 if disabled), and if you qualify, these payments could be higher than your own benefit.
- How it works: Survivor benefits can be up to 100% of your deceased spouse’s benefit. If your spouse earned significantly more than you, you could receive a substantial monthly increase by switching to a survivor benefit.
- Example: If your spouse was entitled to $2,500 per month and you qualify for the survivor benefit, you could receive that same amount, which is a boost of $700 or more compared to your original benefit.
It’s important to understand the rules surrounding survivor benefits and when it makes sense to switch to this higher payout.
5. Review Your Social Security Statement
Finally, to ensure you are maximizing your benefits, regularly review your Social Security statement. The SSA provides an online tool through My Social Security that lets you track your earnings history and see what your benefits will be at different ages. This is important because any errors in your record could result in a lower monthly payment.
- How it works: Visit the My Social Security portal and make sure all your earnings are recorded correctly. If there are discrepancies, contact the SSA to correct them. By ensuring your earnings are accurately reported, you can avoid missing out on benefits you’re entitled to.
Don’t Wait—Act Now!
If you’re looking to increase your Social Security benefits by up to $700 a month, time is of the essence. These strategies require careful planning and sometimes several years to implement, so the earlier you start, the better.
To maximize your benefits, consider delaying your retirement, working longer, or reviewing your eligibility for spousal or survivor benefits. With the right approach, you could significantly increase the amount of money you receive each month.
If you qualify for an extra $700, it can make a huge difference in your financial security during retirement. Take action today to ensure that you are getting the most out of your Social Security benefits before it’s too late!