Whether you’re already retired—or are planning ahead for the time when you will be—it’s important to know how you’ll pay for your daily expenses. And your Social Security benefits likely play a starring financial role.
Jen Teague, NCOA’s Director of Health Coverage and Benefits, said, “Social Security is the main source of income for most people aged 65 and up.” “Nine of ten people in this age group receive a monthly benefits check, and recent data show that close to half of them rely solely on this money. That is, they don’t have pensions or savings to supplement it. ”1.
According to the Social Security Administration (SSA), the average monthly benefit payment equaled $1,710. 78 in November 2023. 2 That may sound pretty good—until you consider the rising costs of living in the United States. A Forbes analysis based on publicly available data from 2023 reveals that, on average, Americans over the age of 65 spend an average of $1,697 per month on housing (which includes things like rent or mortgage payments, utilities, and upkeep) and $628 on health care. 3.
“Already, those expenses exceed average Social Security income,” Teague said. “It’s no wonder that far too many older adults can’t afford groceries or their prescription medicine. The number of poor people actually went up again for this age group, reaching an unacceptable level in 2014 at the end of 202022.
If you’re wondering, “how can I get more money from Social Security?”—you’re not alone. And despite the statistics above, there’s good news: You can boost your Social Security benefits. Let’s take a look.
Are you wondering how to get more money from your monthly Social Security check? You’re definitely not alone! With the average monthly benefit sitting at just $1,710.78 (as of November 2023), many retirees find themselves struggling to make ends meet. The scary truth? These payments often don’t cover even basic housing and healthcare costs, which averaged $1,697 and $628 respectively in 2023.
Don’t worry, though. I did the research and found a few tried-and-true ways for you to get the most out of your Social Security benefits. No matter if you’re already retired or still making plans, these tips can help you get more money every month.
Before You Start Collecting Benefits
1. Work for at Least 35 Years
Did you know that Social Security calculates your benefits based on your 35 highest-earning years? This is super important to understand!
If you work fewer than 35 years the Social Security Administration (SSA) adds zeros into the calculation for each missing year. These zeros can significantly lower your monthly benefit amount.
Leah Woodly, an associate financial advisor at Dorval, says that getting rid of year with no income or low income can increase your Social Security retirement benefit.
The good news is that you don’t have to work 35 years in a row. If you took time off for any reason, going back to work can help get rid of those “zero years” and raise your payments in the future.
2. Boost Your Income
It may seem obvious, but getting a raise, a promotion, or a side job will directly affect your Social Security benefits. Your benefits will be higher in the long run if you earn more (up to the yearly limit).
For 2025, earnings up to $176,100 are used to calculate your retirement benefits. Any income above this threshold won’t affect your Social Security payments.
As Mario Ruiz, a retirement income specialist, points out: “Having retirement income more heavily weighted in Social Security can effectively help insure against risks such as longevity, market volatility, inflation and taxes.”
3. Work Until Your Full Retirement Age
While you can start collecting Social Security at age 62, your benefits will be permanently reduced unless you wait until your full retirement age (FRA).
Here’s what your full retirement age looks like based on your birth year:
- Born 1943-1954: FRA is 66
- Born 1955: FRA is 66 and 2 months
- Born 1956: FRA is 66 and 4 months
- Born 1957: FRA is 66 and 6 months
- Born 1958: FRA is 66 and 8 months
- Born 1959: FRA is 66 and 10 months
- Born 1960 or later: FRA is 67
Starting benefits at 62 instead of your full retirement age can reduce your monthly payments by up to 30%! That’s a huge difference over the course of your retirement.
4. Delay Benefits Until Age 70
This is possibly the most powerful strategy for boosting your Social Security. For each year you delay claiming benefits beyond your full retirement age, your benefit increases by approximately 8% until age 70.
Let’s put this in real numbers: If you’d receive $1,000 per month at your full retirement age of 67, waiting until age 70 would increase your monthly benefit to about $1,240. That’s an extra $240 every month for the rest of your life!
“Postponing Social Security beyond your full retirement age can result in higher monthly benefits,” confirms Sterling Neblett, a founding partner of Centurion Wealth Management LLC.
If You’re Already Collecting Benefits
5. Benefit from Cost-of-Living Adjustments (COLAs)
The good news is that Social Security includes automatic cost-of-living adjustments to help your benefits keep pace with inflation. In 2024, beneficiaries received a 3.2% increase in their monthly checks (following an unprecedented 8.7% increase in 2023).
These annual adjustments happen automatically—you don’t need to do anything to receive them!
6. Continue Working After Claiming Benefits
Even after you start collecting Social Security, you can increase your benefits by continuing to work. If you haven’t worked for 35 years, or if some of those years had low earnings, working after retirement can replace those lower-earning years in your calculation.
The SSA reviews your earnings record annually and automatically adjusts your benefits if your recent earnings replace lower ones in your top 35 years.
Just be aware of the earnings limits if you claim benefits before your full retirement age:
- In 2024, if you’re under full retirement age, you can earn up to $22,320 without affecting your benefits
- In the year you reach full retirement age, the limit increases to $59,520
7. Claim Spousal Benefits
If you’re married, you might be eligible to receive up to 50% of your spouse’s benefit amount if that’s higher than your own benefit. This is especially helpful if one spouse earned significantly more than the other or if one didn’t work enough quarters to qualify for their own benefits.
For those born before January 2, 1954, you may be able to file a “restricted application” to collect spousal benefits while letting your own benefits grow until age 70. People born after that date must apply for all available benefits simultaneously.
8. Include Family Benefits
Many people don’t realize that Social Security isn’t just for retirees! If you’re receiving retirement or disability benefits and have dependent children under 19, they may qualify for benefits worth up to half of your full retirement amount.
Qualifying children include those who are:
- Under 18 and unmarried
- Full-time high school students up to age 19
- Disabled before age 22
Additionally, a spouse caring for your dependent child under age 16 may also qualify for benefits.
9. Minimize Social Security Taxes
Yep, your Social Security benefits might be taxable, depending on your total income. If your combined income (adjusted gross income + nontaxable interest + half of your Social Security benefits) exceeds certain thresholds, up to 85% of your benefits could be subject to income tax.
For 2024, those thresholds are:
- $25,000 for individuals (up to 50% of benefits may be taxable)
- $32,000 for couples filing jointly (up to 50% of benefits may be taxable)
- $34,000 for individuals (up to 85% of benefits may be taxable)
- $44,000 for couples filing jointly (up to 85% of benefits may be taxable)
Careful tax planning can help minimize this impact and keep more of your benefits in your pocket.
10. Check Your Earnings Record
This is probably the easiest yet most overlooked strategy! The SSA calculates your benefits based on your earnings record, so it’s crucial to ensure this information is accurate.
Create a My Social Security account at ssa.gov and review your earnings history regularly. Compare it with your own records (tax returns, W-2 forms) to verify all your earnings have been properly recorded. If you spot any errors, report them promptly to avoid missing out on benefits you’ve earned.
Beyond Social Security: Other Ways to Boost Your Retirement Income
While maximizing your Social Security is important, it’s usually not enough by itself. Consider these additional strategies:
- Look into benefits programs that can help with expenses like food, utilities, and prescription medications. The National Council on Aging offers a free tool called BenefitsCheckUp.org to help you find programs you might qualify for.
- Build additional retirement savings through IRAs, 401(k)s, or other investment vehicles.
- Consider part-time work during retirement to supplement your income.
- Explore ways to reduce expenses, such as downsizing your home or relocating to an area with a lower cost of living.
The Bottom Line
Social Security provides crucial income for millions of retirees, but the average benefit often falls short of covering basic expenses. By implementing these strategies—working longer, earning more, timing your benefits wisely, and staying informed—you can significantly increase your monthly payments.
Remember, everyone’s situation is unique, so it’s always a good idea to consult with a financial advisor who specializes in retirement planning to develop a strategy tailored to your specific circumstances.
What steps are you taking to maximize your Social Security benefits? Have you found other effective strategies? I’d love to hear about your experiences in the comments below!
How to increase your Social Security benefits: 7 strategies to consider
If you’re still working, your goal should be to maximize your Social Security benefits before you begin collecting them. Here are four common approaches:
1. Remain in the workforce for at least 35 years Anyone who is employed for at least 10 years becomes eligible for Social Security retirement benefits once they reach age 62. However, working longer literally adds up.
Why? Because the SSA uses your earnings history to figure out what your benefit amount will be at full retirement age (more on this below)—and they base their calculation on the 35 years in which you earned the most money. If you work less than 35 years, the SSA takes away one point from your pay for every year between 10 and 35 that you did not work.
Notably, you do not have to work for 35 years in a row. “As long as you are employed for a total of at least 35 years, you likely will get more money from your Social Security benefits,” Teague said. “If you take a hiatus for any reason, returning to the workforce later can help cancel out those ‘zero years’ and raise your baseline. ”.
2. Continue working until your full retirement age
Depending on when you were born, your full retirement age falls somewhere between 66 and 67.3 (you can check yours by using the SSA’s Retirement Age Calculator). While you are eligible to claim benefits sooner, doing so comes at a cost. That’s because the SSA will reduce the amount you receive by a set percentage for each month you collect Social Security before reaching your full retirement age.4
Let’s say you were born after 1960, making your full retirement age 67. Using the SSA’s Full Retirement and Age 62 Benefit by Year of Birth chart, you can see that your Social Security benefit would be reduced by 30% if you began collecting it at age 62. (As an example, what might have been a $1,000 monthly check at age 67 becomes $700 at age 62. Over the course of five years, that adds up to $18,000 in lost benefits.)
Curious how this scenario might play out for you? Use the SSA’s Retirement Age Calculator to choose your birth year, then click on the blue button immediately below it. You will then see a chart that shows the monthly impact on your benefits should you claim them before full retirement age.
3. Wait until you’re 70
People who wait until after their full retirement age to start getting benefits from the SSA can get credits. 5.
“This isn’t always a practical or desirable choice for everyone,” Teague observed. “But if it makes sense for you and your individual financial situation, it absolutely leads to a bump in your monthly Social Security check. ”.
Although delayed retirement credits max out at age 70, your Social Security benefits will increase by a set percentage for each month you hold off on claiming them. Returning to the example above, if you were born after 1960 and waited until you turned 68 to collect Social Security, you would receive 8% more for that year. See the SSA’s Increase for Delayed Retirement chart to view the increase by month and how it applies to you.
4. Consider claiming spousal benefits
Generally speaking, this strategy is best if you and your spouse:
- Were born before January 2, 1954
- Both had jobs for at least 35 years (though you can start after 10 years).
- Have reached your full retirement age (you can retire after age 62, though).
Married people who were born before January 2, 1954 are allowed to file a “restricted application”—meaning they are choosing not to collect their own Social Security benefits and instead will collect based on their spouse’s earnings. 6 They may switch back at any time, but the most advantageous route is to wait until age 70 in order to accumulate the highest number of delayed retirement credits.
If you are married and were born after January 2, 1954, you still may be eligible for spousal benefits. However, you may not file a restricted application. To get benefits for both yourself and your spouse, you must apply at the same time. This is known as “deemed filing.” 6 In this instance, you will collect the higher of the two benefit amounts.
“Claiming spousal benefits is a very specific strategy and the rules and considerations that govern it can be somewhat complicated,” said Teague. “It is important that you talk to a qualified financial advisor to understand whether it’s right for you and how to proceed should you choose to.”
The SSA publishes a primer on retirement benefits that you may be interested to read through. For more details on spousal benefits, see pages 6-9.
If you already collect Social Security, it’s still possible to increase your benefits after receiving your first check. Here’s how:
5. Look for your annual cost of living adjustment (COLA)
In any year when consumer prices rise, the SSA must increase your benefits to account for inflation.7,8 In 2023, this hit an unprecedented 8.7% for most beneficiaries.
The SSA bases the COLA on the U.S. Department of Labor’s Consumer Price Index.9 Beginning in January 2024, more than 66 million Social Security beneficiaries saw a 3.2% bump in their monthly checks.
6. Continue working after you begin collecting benefits
Remember: the SSA calculates your benefit based on your highest 35 years of income. If you choose to begin collecting Social Security after age 62—but have not worked for 35 years—you have the opportunity to replace any “zero years” with income you earn after the fact.7
Similarly, if you did work for 35 years but your earnings were low during some of them, you have the opportunity to replace those lower earnings with higher ones. The SSA checks your income each year and, if you’re eligible, will automatically increase your benefits check.7
Just be aware of one thing, Teague pointed out. The SSA limits how much additional income you are allowed to make in any given year that you collect benefits. In 2024, that limit is $22,320 per year if you haven’t reached full retirement age; and $59,520 if you have.10 If you earn more than your respective limit, the SSA will temporarily reduce your benefit.
7. Qualify for a benefits adjustment
If you chose to begin collecting Social Security before your full retirement age, and continued to work during that time, you may be eligible for a benefits adjustment once you do reach your full retirement age.11
This adjustment only applies if the income you earned exceeded the allowed limit mentioned above. In that instance, the SSA will increase your benefit to account for the money they withheld.11
For more details, see the SSA’s How Work Affects Your Benefits.
In many parts of the United States, the cost of living exceeds the average monthly Social Security benefit. For older adults who rely solely on this income, it’s getting harder and harder to make ends meet. But there’s better news: there are ways to increase your monthly check, whether you currently collect Social Security or are looking ahead to the time when you will. This article shows you how.
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- There are ways to get the most out of your Social Security after age 62.
- It is possible to get the most out of your Social Security income before and after you start getting benefits.
- How can you get more benefits? Here are seven common ways to make your monthly Social Security check bigger.
Is Social Security income enough to live on?
Whether you’re already retired—or are planning ahead for the time when you will be—it’s important to know how you’ll pay for your daily expenses. And your Social Security benefits likely play a starring financial role.
“Social Security is the major source of income for most people age 65 and over,” said Jennifer Teague, NCOA’s Director of Health Coverage and Benefits. “Nine of ten people in this age group receive a monthly benefits check, and recent data show that close to half of them rely solely on this money. That is, they don’t have pensions or savings to supplement it.”1
So, how do these benefits stack up?
According to the Social Security Administration (SSA), the average monthly benefit payment equaled $1,710.78 in November 2023.2 That may sound pretty good—until you consider the rising costs of living in the United States. A Forbes analysis based on publicly available data from 2023 reveals that, on average, Americans over the age of 65 spend an average of $1,697 per month on housing (which includes things like rent or mortgage payments, utilities, and upkeep) and $628 on health care.3
“Already, those expenses exceed average Social Security income,” Teague said. “It’s no wonder that far too many older adults can’t afford groceries or their prescription medicine.” In fact, poverty rates jumped yet again for this age group, reaching an unacceptable 14% at the end of 2022.
If you’re wondering, “how can I get more money from Social Security?”—you’re not alone. And despite the statistics above, there’s good news: You can boost your Social Security benefits. Let’s take a look.
4 Simple Ways to Increase Your Social Security Benefit
FAQ
Can I increase my social security benefits?
Yes, you can increase your Social Security benefits by working longer, earning more income, delaying claiming benefits until age 70, and ensuring your earnings record is accurate. The Social Security Administration (SSA) figures out your benefits based on your 35 highest-earning years. This means that if you have more high-earning years or replace lower-earning years, you may get more money.
Who qualifies for an extra $144 added to their Social Security?
To get the “Medicare giveback,” you need to be a member of Original Medicare (Parts A and B), live in an area served by a Medicare Advantage plan that provides this benefit, and pay your own Part B premium.
How to get $3000 a month in Social Security?
To get a $3,000 per month Social Security benefit, you need a career of high, consistent earnings and must wait to claim your benefits until your full retirement age (or even later, up to age 70, for a higher payment).
What is the Social Security bonus trick?
There isn’t a “Social Security secret bonus” in the way that many online promotions suggest; rather, the concept refers to ways to legally and strategically increase your monthly benefits, such as delaying retirement, suspending benefits after full retirement age to earn delayed retirement credits, or continuing to work past your full retirement age.
Can I increase my Social Security benefits if I’m 70?
You can get an extra 8% of your full retirement age in benefits if you wait until age 70 to claim. Be aware that 50% to 85% of your benefits may be subject to federal taxes if you’re at a certain income level after you begin receiving Social Security.
How do I maximize my Social Security benefits?
Navigating Social Security income can be complicated, but there are strategies to maximize your Social Security benefits. Working for 35 years or more will help ensure you get the most money when your benefit amount is calculated. Earn as much as you can right up until full retirement age (or past it) to max out your benefit.
Can You boost your Social Security benefits?
And despite the statistics above, there’s good news: You can boost your Social Security benefits. Let’s take a look. If you’re still working, your goal should be to maximize your Social Security benefits before you begin collecting them.
How can I increase my Social Security income in retirement?
Upping your income by asking for a raise or earning income from a side job will increase the amount you receive from Social Security in retirement.
Can I increase my Social Security benefits if I work?
If you are planning on supplementing your retirement income by working after you start receiving Social Security benefits, you need to be aware of the tax consequences of increasing your income. Anywhere from 50% to 85% of your benefit payment can be subject to federal taxes.
How do I get more social security if I work more?
The more years you work, the more money Social Security will pay, up to your best 35 years of income. Earn more. If you pay more into the Social Security system, your payout later will be larger, up to a point. Delay your benefit. If you wait longer to claim your benefit — up to age 70 — you’ll claim a higher monthly payment.