MANY might tell you that in order to maximize your Social Security benefits, you’ll have to work longer or earn more.
Luckily, a former Social Security manager has revealed nine strategic ways to increase your checks by as much as $1,500 per month.
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In a YouTube video that now has over 2,000 likes and 230+ comments, Dr Ed Weir spoke about how Americans could be best maximizing their monthly checks.
DO DELAY
One of the most effective ways Dr Weir spoke about increasing your Social Security benefits is to delay claiming them.
While you can start collecting at age 62, your monthly check will be reduced.
If you wait until full retirement age, you’ll get your full benefit amount.
Although, if you opt to delay your payments until age 70, your benefits will increase by 8% per year due to Delayed Retirement Credits.
BENEFITS BREAK
If you’ve already started receiving pension benefits but still want to increase them, you can voluntarily choose to suspend payments.
In doing this, your Social Security checks will continue to grow by 8% annually until you restart them, but this will have to be by age 70.
Those that decide to continue working, albeit with limitations, have a $23,400 limit. Anything over that, social security will hold back $1 for every $2 over.
This strategy is a game changer for those who can afford to wait a few years.
EARNINGS RECORD
Dr Weir shared in the next segment that: “It’s really important; please tell everyone you know.”
Social Security calculates your benefits based on your 35 highest-earning years.
If you have fewer than 35 years of earnings, those missing years count as $0, which will ultimately lower your benefit amount.
“Social Security uses that high 35 years to determine how much your benefits are going to be,” Weir shared.
“Whether it’s retirement, disability, survivors, or whatever the case may be, it’s based on your earnings record.”
Consider working longer, or taking on part-time work to replace the lower-earning years.
MILITARY SUPPORT
He then explained that while military service “Doesn’t bump up your social security a whole lot, but a buck is a buck, right?”
If you served in the military, Social Security gives you extra earnings credits for those years, which can slightly increase your benefit amount.
Be sure to provide your DD214 form when applying.
PRIME HEALTH
Many retirees don’t realize that Medicare Part A and B premiums are automatically deducted from Social Security checks.
If you’re still working and have employer-sponsored health coverage, check out the Medicare supplements available to you.
SPOUSE SUPPORT
If you’re married, divorced, or widowed, you may be eligible for spousal or survivor benefits, which can be higher than your own.
If you’re receiving benefits, your spouse will be able to collect them as well. You’ll have to file benefits on your own record first.
A lower-earning spouse can receive up to 50% of the higher-earning spouse’s benefit at full retirement age. If your spouse has passed away, you could receive up to 100% of their benefit amount.
RIB-DIB
If you’re in your early 60s and unable to work due to health issues, disabilities, or another reason, consider filing for both Retirement Insurance Benefits (RIB) and Disability Insurance Benefits (DIB).
While you can’t collect both, applying for disability while collecting early retirement ensures you have income while waiting for approval.
If approved, you’ll switch to the higher disability benefit.
ONLINE CHECKS
Mistakes in your earnings record can result in lower benefits.
Review your Social Security statement regularly at SSA.gov and set up an account there to check your earnings record.
Report any missing earnings; even small corrections can make a difference in your monthly check.
SPLIT STRATEGY
If you’re married, a smart approach is for the lower-earning spouse to claim benefits early while the higher-earner delays.
This allows the household to receive some income while maximizing the higher earner’s eventual payout.
By using these strategies, retirees can significantly increase their Social Security checks and ensure a more comfortable retirement life.
HOW TO SUPPLEMENT YOUR SOCIAL SECURITY
Here’s how to supplement your Social Security:
Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.
Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.
- 401(k) Plans
- A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
- Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
- Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.
- IRAs
- An Individual Retirement Account (IRA) offers another avenue for retirement savings.
- Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
- Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.
