How to Increase Your Monthly Social Security Check

How to Increase Your Monthly Social Security Check.While receiving monthly Social Security checks is a valuable income stream, many individuals may not be aware of the potential to enhance their benefits, almost akin to receiving a bonus. Although not officially labeled as such, there are strategies that can effectively boost your retirement benefits, acting as a financial ‘bonus’ during your golden years.

How to Increase Your Monthly Social Security Check

Given that Social Security benefits can span several decades, it is crucial to extract the most value possible. Fortunately, the measures to achieve this are not overly complicated; rather, they involve safe and practical steps that can increase the size of your Social Security checks. Let’s delve into the strategies you should consider for enhancing your Social Security income.

Maximize Your Earnings While Employed:

The first and most important step is to maximize your earnings while you are still employed. Social Security Administration calculates your payout based on your 35 highest-earning years. Therefore, if you haven’t completed 35 years of earnings or your income was relatively low during some of those years, strive for higher pay before considering retirement. This forms the foundation for bolstering your Social Security payments.

Delay Claiming Social Security Benefits:

The second strategy involves deferring your claim for Social Security benefits as long as possible. While you have the option to start claiming as early as 62, delaying this can significantly increase your benefits. If you begin collecting at 62, you’ll receive 30% less than if you wait until you reach 70 years old.

Explore Spousal Benefits Eligibility:

For those who have never been employed but have a working spouse, it’s essential to explore eligibility for spousal benefits. They may qualify for spousal Social Security benefits, which can reach up to 50% of the working spouse’s benefit if they wait until the full retirement age to file.

Consider Annual Cost of Living Adjustment (COLA):

Lastly, don’t overlook the Annual Cost of Living Adjustment (COLA), as it can positively impact your Social Security benefits. The COLA is designed to offset the impact of inflation on purchasing power, acting as the closest thing to a ‘bonus’ within the Social Security system.

By following these strategies, you can effectively enhance your Social Security check without it being officially termed a ‘bonus.’ These steps provide a roadmap to ensure a comfortable financial safety net during your retirement years. Properly maximizing your Social Security benefits can lead to a more secure and enjoyable retirement journey.