Step 1: Delay Claiming Benefits

One of the most effective ways to increase your Social Security benefits is to delay claiming them. The SSA offers full retirement benefits when you reach your “full retirement age” (FRA), which is typically between 66 and 67, depending on your birth year. However, you can choose to begin receiving benefits as early as age 62, though your benefits will be reduced.

• Increase by Delaying: If you delay your benefits past your FRA, your monthly benefits will increase by about 8% per year until you reach age 70. After age 70, there is no additional benefit increase for waiting.

Step 2: Work Longer and Earn More

Social Security benefits are calculated based on your average indexed monthly earnings (AIME) over your 35 highest-earning years. If you continue working and earn more than in previous years, it can raise your average and increase your benefit amount. Even if you’ve already worked for 35 years, any additional high-earning years can replace lower-earning years in the calculation.

• Work Longer: If you don’t have 35 years of work history, every additional year you work will help fill in gaps in the calculation, which can raise your benefits.
• Earn More: Earning higher wages in your later years can result in a higher AIME, which directly leads to higher monthly benefits.

Step 3: Increase Your Lifetime Earnings

The Social Security Administration calculates your benefits based on your highest 35 years of earnings, so higher lifetime earnings can lead to larger benefits. If you’re able to earn more money—either by advancing in your career, changing jobs, or working part-time after retirement—this can help increase your future benefits.

• Maximize Your Earnings: If you’re in a position to increase your wages or salary, this will directly impact your Social Security benefit calculation.

Step 4: Consider Spousal Benefits

If you are married, you may be eligible for spousal benefits, which could increase your Social Security payments. A spouse can receive up to 50% of the other spouse’s benefit if it’s higher than their own. This can be especially beneficial if one spouse has a higher lifetime earning record than the other.

• Spousal Benefits: If your spouse is eligible for higher benefits, you may be able to receive a larger monthly benefit based on their earnings.

Step 5: Utilize the "File and Suspend" Strategy

This strategy allows one spouse to file for Social Security benefits and then suspend them to allow the other spouse to collect spousal benefits. This can be a useful way to increase total household benefits, especially when one spouse has a significantly higher earning history than the other.

However, this strategy has changed with recent legislation, so it’s important to consult with a financial advisor or Social Security representative to determine if this option is right for you.

Step 6: Review Your Work History for Errors

Occasionally, there may be errors in the Social Security Administration’s records, especially if there are missing or incorrect earnings reports from your employers. It’s essential to review your Social Security statement regularly for any discrepancies in your earnings history. If you spot any mistakes, you can work with the SSA to correct them.

• Check Your Earnings: Review your annual Social Security statement to ensure all your earnings are properly credited. Correcting errors in your work history can result in higher benefits.

Step 7: Minimize Taxes on Your Benefits

Although this doesn’t directly increase your benefit amount, it can help you make the most of your Social Security payments. Depending on your income, a portion of your benefits may be taxable. To minimize taxes, consider strategies like managing your income in retirement to keep it below the taxable threshold for Social Security benefits.

• Tax Planning: If your income is too high in retirement, up to 85% of your Social Security benefits may be taxable. Consult a financial advisor to learn how to manage your retirement income efficiently.

Step 8: Consider the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)

If you have worked in a government job or are eligible for pensions that are not covered by Social Security, you may be subject to the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO). These provisions can reduce the amount of Social Security benefits you receive. Understanding how they affect you and planning around them can help ensure you're getting the most out of your benefits.

• Avoid or Minimize WEP/GPO: If you think the WEP or GPO may affect your benefits, it's a good idea to explore strategies with a financial advisor to help mitigate these reductions.