Getting Older?
Boosting your Social Security isn’t just about crossing your fingers and hoping for the best - it’s about making smart moves now that can pay off later. Following this list carefully will ensure you have a more financially secure retirement, and are able to live the post-work life you’ve always dreamed of.
Wait for Full Retirement Age (FRA)
Sure, you can claim at age 62, but it slashes your monthly payout. Waiting until your full retirement age (around 66–67) means more money, and if you hold off until age 70, you score even more thanks to delayed retirement credits - roughly an extra 8% each year. It’s a smart move if you expect to live longer, and lots of people are living to their 90s these days.
Work for 35 Years
Social Security benefits are based on your top 35 years of earnings - if you’re missing years, they count as zero and drag your average down. So, if you’ve got gaps, consider working longer or finding better-paid work to swap out low-earning years. And for self-employed folks, it's extra important to report your income accurately.
Don’t Assume SSA Always Nails It
A casual chat with a Social Security Administration rep might leave you thinking your benefit choices are simple - but sometimes, as with anything, the guidance isn't perfect. Mistakes or bad advice could cost you thousands over time. That’s why pairing what SSA tells you with a second opinion – think a financial advisor - can really help you in the long run.
Tap Into Spousal Benefits
If your partner has a higher benefits history, you - as the lower-earning spouse - can claim up to half of their benefit once you hit full retirement age. That’s also an option for ex-spouses if you were married for at least 10 years. It’s a clever way to boost your income without relying entirely on your own work history.
Build Extra Income Streams
Social Security is an important income source, sure - but it's smart to have others. Side hustles, rental income, royalties, even tapping the cash value of whole-life insurance (carefully) can make a big difference if markets slide or inflation hits.
Claim Dependent Benefits
Dependent benefits let you claim a payment based on someone else’s Social Security - like a spouse, ex, or parent who retires or becomes disabled. How much you get depends on your relation to them. Sit down and talk it through with your family, and maybe a financial advisor.
You Can Undo a Claim - Within a Year
Maybe you gave in and started taking your benefits early - but then thought, “Hmm, maybe I should wait”? If it's been under 12 months, you can withdraw your application, pay back what you received, and reapply later. It's like saying, “Never mind!” and letting your benefits keep growing instead. Pretty handy.
Use Survivor Benefits Strategically
If your partner passes away, survivor benefits can provide a payout between 71.5% to 100% of their benefit, depending on your age and relationship. To maximize this, couples sometimes stagger their claims - one claims early while the other delays, preserving a higher survivor benefit for the future.
Take the “Bridge Strategy” Route
Instead of grabbing Social Security ASAP, you can stretch your retirement savings or live off investments until you hit full retirement age (or even age 70). This “bridge strategy” means your benefit grows by about 8% per year you wait - and can pay off big time if you're healthy and expect to live longer.
Keep an Eye on Your Earnings
Since benefits rely on your income history, it’s smart to monitor your annual earnings. Spotting low-earning years gives you a chance to fill the gaps now - whether by working more years or landing better-paying gigs - and boost the average that Social Security uses to calculate your benefits.
Mind Your Tax Bracket
If your total income — including Social Security — goes over certain thresholds ($25K for singles, $32K for couples), you could owe taxes on a chunk of your benefits. Pulling funds from tax-free accounts (like Roth IRAs) or tweaking your retirement income can help you stay under the limit and keep more of your benefit.
Double-Check Your Earnings Record
The SSA keeps a pretty accurate record (like, over 99%), but mistakes can happen. Regularly comparing your SSA earnings report with your own records lets you catch and correct errors well before you retire – yes, it can be a pain, but it has to be done.
Create a Passive “Gap-Bridging” Hustle Now
If retirement savings might fall short of what you hoped for, think about starting something you could run as passive income before you actually retire. There are all sorts of ideas out there, they just all require a little time and thought.
Pause Benefits If Needed
If you claim benefits early but then realize you could use more later (or want to boost your future payments), you can stop benefits after reaching FRA but before age 70. While paused, you’ll earn delayed retirement credits, which increases your monthly payout when you restart.
