Eight Factors That Can Impact How Big Your Social Security Benefit Check Is

Social Security is not as straightforward as some make it out to be. Yes, your benefits are based on your earnings and at what age you decided to claim them. But there are other issues involved as well.

According to an article by USA Today, there are eight key factors that impact your Social Security benefits. These include your work history; your earnings history; the year you were born; the age you claim benefits; whether you have a spouse who worked; the economy; whether you keep working; and your other sources of income.

If you have not retired yet, experts say the best way to boost your monthly benefit amount is to wait until full retirement age to begin receiving benefits. Your benefit amount will increase by 8 percent for each full year you delay receiving benefits up to age 70.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate $200 per month (average) benefits increase, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits.