Work for a Longer Period

One of the main factors in determining your Social Security benefits is your work history. The SSA calculates your benefits based on your average lifetime earnings.

• More Years of Work: The more years you work and contribute to Social Security, the higher your average lifetime earnings will be, which can increase your benefit amount.
• Work Until Full Retirement Age (FRA): If you continue working until your Full Retirement Age (FRA), you can maximize the amount of money you earn each year. This can result in higher benefits over the course of your retirement.
  
  

Delay Your Claiming Age

One of the most effective ways to increase your Social Security benefits is by delaying your claim past your Full Retirement Age (FRA).

• Claiming Early: If you start receiving benefits at age 62, your benefits will be permanently reduced. This is the earliest age you can begin receiving benefits, but the reduction can be significant (up to 30%).
• Delayed Retirement: By delaying your benefits beyond your FRA (up to age 70), you can receive delayed retirement credits that increase your monthly payments by up to 8% per year. This can make a huge difference in the amount you’ll receive over your lifetime.

Maximize Your Earnings During Your Highest-Earning Years

The SSA uses your 35 highest-earning years to calculate your benefits. If you have fewer than 35 years of work history or lower earnings during certain years, your average indexed monthly earnings (AIME) will be lower, reducing your benefits.

• Increase Earnings in the Last 35 Years: If you’re able to work more in the years leading up to your retirement, especially in high-earning years, you can replace lower-earning years and increase your average earnings.
• Consider a Side Job or Overtime: Earning additional income can help increase your Social Security benefits, as long as you are contributing to Social Security through your payroll taxes.

Take Advantage of Spousal Benefits

If you are married, you may be able to claim spousal benefits to increase your overall Social Security benefits.

• Spouse’s Benefits: A spouse can receive up to 50% of the other spouse’s benefit amount at Full Retirement Age (FRA). If your spouse has higher earnings, this could increase the total amount of benefits you both receive.
• Survivor Benefits: If your spouse passes away, you may be eligible to receive survivor benefits based on their work history. In some cases, this could be a higher benefit than your own.

Ensure Accurate Earnings Record

The SSA calculates your Social Security benefits based on the information they have about your work history. It’s essential that your earnings record is accurate.

• Review Your Record: Regularly check your Social Security statement to ensure that all your earnings are accurately recorded. You can review your earnings record by creating a mySocialSecurity account online at www.ssa.gov.
• Correct Any Errors: If you notice any discrepancies, report them to the SSA right away to ensure your earnings history is correct, which will affect your benefit calculation.

Consider Working After You Begin Receiving Benefits

If you decide to start collecting Social Security before reaching Full Retirement Age (FRA) but want to increase your benefits later, continuing to work while receiving benefits can help.

• Earnings and Social Security Benefits: If you are below your Full Retirement Age and working, your benefits may be temporarily reduced based on how much you earn. However, any reductions are not permanent, and the SSA will adjust your benefits upward once you reach your FRA, factoring in any months where your benefits were reduced due to work.

Pay Attention to Cost-of-Living Adjustments (COLA)

Social Security benefits are adjusted annually for inflation through Cost-of-Living Adjustments (COLA). While you can’t control the amount of the COLA increase, it's important to be aware that these adjustments do occur each year, providing a boost to your monthly benefit.

• Stay Informed: Stay up to date with COLA announcements each year. This annual increase helps your benefits keep pace with inflation, but it may not be enough to keep up with the rising costs of living.