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For most Americans 65+, Social Security is a foundational piece of retirement income. But the average monthly benefit may not cover rising living costs, and many people leave money on the table by claiming too early or missing key strategies. Here are six ways to maximize your benefits.
Social Security benefits are calculated based on your 35 highest-earning years. Working fewer than 35 years means zeros will be factored into your benefit calculation, potentially lowering your monthly payment.
If possible, continue working beyond your peak earning years. Delaying benefits until full retirement age increases your monthly check. For example, retiring at 62 instead of 67 can reduce benefits by up to 30%. Delaying until age 70 can increase benefits by up to 124% for those born in 1960 or later.
Regularly check your earnings record with the Social Security Administration (SSA) to ensure accuracy. Report any discrepancies promptly to avoid affecting your benefit amount.
To maximize benefits, consider delaying your claim until age 70. Benefits increase for each month you delay up to this age. However, apply for Medicare at age 65 to avoid higher medical insurance costs later.
If both you and your spouse were born before January 2, 1954, you can choose to apply for one benefit now and delay the other to earn delayed credits. For those born after this date, you must apply for both benefits simultaneously and receive the higher of the two.
More details on this can be found here.
Children who are unmarried can get up to half your benefit if they are younger than 18, 18-19 years old and a full-time student no higher than grade 12 or are 18 or older and have a qualifying disability that began before the age of 22.
Survivor benefits are paid to widows, widowers, and dependents of eligible workers.
Maximizing Social Security benefits involves thoughtful planning. By understanding these strategies, you can enhance your financial security during retirement. Remember, every year of work counts toward a better future.
Maximizing Social Security is one piece of a thoughtful retirement plan. Another, often overlooked, is planning ahead for end-of-life expenses. Just as delaying Social Security can increase your monthly benefit by up to 124%, pre-paying for funeral and cemetery services can save your family thousands by locking in today’s prices. Both are about protecting your loved ones from financial stress later.
Disclaimer: Memorial Planning is not a financial advisor. The content in this article is for informational purposes only and should not be considered financial advice.
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