Ten Tips to Get Bigger Benefits from Social Security

Millions of Americans receive Social Security benefits each month. But, for those aged 65 and older, Social Security benefits only make up about 30 percent of their retirement income. So, it makes sense that people would want to maximize their benefits. To help you do that, Finance Buzz put together a list of ten tips to help you boost your benefit checks.

1. Check your earnings history. You can do this by logging into your mySocialSecurity account to check your statement. Be sure to report any errors you notice.
2. Delay claiming benefits. If you file before you reach full retirement age (FRA) you could reduce your benefits by as much as 30 percent. If you can wait until you are 70 years old, you could get a delayed retirement credit of 8 percent.
3. Take your benefits early. This may seem counterintuitive to tip #2, but if you are in poor health or have a terminal illness, you may want to consider taking benefits at age 62 to maximize your benefits during your lifetime.
4. Earn as much as you can. Social Security is calculated based on your highest 35 years of earnings. So, the more you earn, the higher your benefit amount.
5. Work at least 35 years. As we just pointed out, benefits are based on your 35 highest-earning years. If you only work for 25 years, Social Security factors in a “zero” for the 10 years you did not work when it calculates your benefits.
6. Consider claiming spousal benefits. This tip is a good one to know, especially if you did not work for a number of years because you were a caregiver. You could potentially receive up to 50 percent of your spouse’s benefit amount as well as your spouse’s full benefit.
7. Add dependent children. This is something to consider if you have unmarried, minor children.
8. Stay married. If you were married for at least 10 years, delaying a divorce may increase your Social Security check if you are able to claim benefits based on your ex’s work record. 
9. Avoid paying taxes. Social Security can be considered taxable income. Be sure to talk to your accountant about strategies to reduce how much you pay.
10. Ask for a do-over. Did you know that you can suspend benefits or undo an early benefit filing?

It’s important to consider Social Security as part of your retirement income planning. Moves you make while still working — and even after you retire — can impact how big your benefit check will be.

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.