Increasing your Social Security benefit is an important key throughout your career.
Increasing your Social Security benefit is an important key throughout your career.
The Social Security Benefits In Retirement
Retirees usually depend on Social Security to meet their cash needs. Being knowledgeable on how the Social Security system works can serve you well throughout your career and set you up for a more comfortable retirement. Moreover, knowing exactly how to boost your monthly check is key.
Here Are Way To Boost Your Social Security Benefits
- Work by at least 35 years
Social Security benefits are calculated based on the average salary in your 35 years inflation-adjusted earnings are the highest. If you want to get a bigger retirement check, make sure you work for at least 35 years if you want a richer payout.
- Delay Your Claim
Full retirement age (FRA) refers to the age at which a person may get their full benefit, depending on the amount paid into the system over their working life. Generally, the longer you wait to take retirement income, the biggest determinant of your benefit amount. Meaning, Waiting until age 70 to collect benefits is probably the simplest way to increase your monthly check amount.
- Boost your income
Benefits from Social Security are calculated based on your cumulative earnings history, with more credit given to those who earn at least the maximum taxable salary base every year. In 2023, a significant boost compared to last year which increase worth $160,200 a year. meaning you’ll contribute more to the FICA taxes, which fund Social Security. You may also do this by negotiating for a raise, getting a better employment offer, or starting a second part-time job or side hustle.
Read Also:
