Ten Ways to Increase Your Social Security Benefits

social security

You’ve always planned as you don’t believe in doing things at the last minute. You work at securing your future, being prepared to face most consequences, and most importantly, be financially stable when retired.

And the best way to ensure your financial security on retirement is by increasing your social security benefits.

The following ten tips will prove helpful if you wonder how you can boost your social security benefits payout.

1. Keep Working Till Your Full Retirement Age


You receive total payments if you claim benefits at your full retirement age, 66 or 67 for most workers. You only end up receiving permanently reduced monthly payments if you apply before your full retirement age.

2. Consider Claiming Spousal Payments

Did you know that married couples have a choice while claiming benefits?

Yes, you can claim benefits on your work or up to 50% of your spouse’s benefits, whichever is higher. Besides, you can also claim benefits based on an ex-spouse’s work record if you were married for ten years.

3. Work for a Minimum of 35 Years

Yes, this is a must.

It’s because social security benefits are decided based on those 35 years you’d worked the most. Your payout will only end up reducing if you don’t work for 35 years.

It’s because social security credits you for no income for each year up to 35. So there will be three zeros in your benefit calculation if you worked for only 32 years.

However, if you continue working, then each year you work displaces a zero.

4. The More You Earn, the More You Receive in Return


It’s pretty logical to know that the more you make, the more benefits you will receive in retirement. Increase your earnings through a raise or by getting a second or third job.

5. Minimize Social Security Taxes

Did you know that there is a risk of up to 50% of your social security benefit getting taxed?

It happens if your non-taxable interest, adjusted gross income, and half your benefits combined exceed $25,000 for individuals and $32,000 for couples. Up to 85% of your social security benefits can get taxed if these income sources exceed $34,000 and $44,000 for couples.

6. Ensure You Get Credit for Taxes Paid

It’s always better to check to ensure the Social Security Administration correctly records your earnings history and paid social security taxes. This ensures you get credit for the taxes paid to the system.

7. Claim at 70

You stand to receive more in social security benefits if you delay claiming till the age of 70. It’s because your payment increases by as much as 8% for each delayed year.

However, there’s no difference or additional benefit if you wait and claim after 70.

8. Claim for Your Family


You can secure additional social security payments, as much as half of your full retirement benefit, for under-19 dependent children. But do check before claiming because there are certain set annual limits.

9. Reduce Retirement Earnings

Yes, you heard it right. You can increase your benefits by reducing your retirement earnings!

$1 is withheld for every $2 earned above $17,640 in 2019 if you haven’t reached your full retirement age. However, the good news is that the earnings limit jumps to $46,920 once you reach your full retirement age.

And the penalty reduces so that $1 is withheld for every $3 earned above the limit.

10.Enhance the Survivor’s Benefits

You know that the surviving spouse may inherit the deceased spouse’s benefits if it exceeds their benefit.

However, did you know that delaying the social security claim enhances the surviving spouse’s amount? This tactic helps increase your social security benefits.

Consult your Burbank social security benefits attorney

Of course, consulting your accountant or social security benefits lawyer in Burbank also helps maximize your benefits.

These ten tips do help but may get confusing to the ordinary person.

Your lawyer will clearly explain things and help you get your rightfully deserved benefits.

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