10 Ways To Boost Your Social Security Payout Before You Retire


When it comes to determining the amount of money that you will get from Social Security when you retire, a few things are taken into consideration. Your earning history throughout your life is a huge deciding factor. Also, the age that you are when you apply for your benefits is also a factor. If you want to boost your payments when you retire, there are a few tips that you should follow. The more that you are able to earn in Social Security benefits when you retire, the more financially secure you will be when you retire.

You Need To Have a Job For at Least 35 Years

Your Social Security benefits are calculated basted on the 35 years that you worked the most. If you don’t work for at least 35 years, zeros would be added into the calculation for the years that you didn’t work. This can greatly reduce the amount of your monthly payments. Even If your chosen career allows you to retire before you have been working for 35 years, you should keep working. Even If that means looking into working in another field and starting a new career, it will benefit you greatly in the long run.

You Should Make As Much Money as Possible

Saying that you should earn as much money as possible is a given, as it is what most people want out of their life. While earning as much money as possible will help you while you are working, it will also help you when you retire and you are eligible to start receiving Social Security benefits. Since your Social Security payments are based on the amount of money that you make while you are working, you should try to make as much money as possible. If you are eligible for a raise, ask for one. If you aren’t making as much money as you would like, you should consider taking on a side job. The money that you earn between both of your jobs would be calculated together when it comes time to determine how much money you would receive from Social Security after you retire.

Continue Working Until Your Full Retirement Age

While you may be tempted to retire at 55 or 60 years old, it is a bad idea. When you retire early, your monthly payments would be reduced permanently. This means that even after you reach the full retirement age of 66 or 67, you still won’t be eligible to receive full payments.

Wait As Long as Possible to File a Claim

If you reach your retirement age and you continue working, it will increase the amount of your earnings more and more, each year that you work. Also, for each year after you hit retirement age that you continue working, you benefit amount will increase by 8 percent up to the age of 70. This means that If you keep working past the retirement age of 66, you will be eligible to receive 32 percent more in benefits.

Claim Spousal Payments

Social Security guidelines allow spouses to claim benefit amounts that are based on their own work history or up to 50 percent of the higher earning spouse’s benefit. Whichever is higher, you can use. Also, you have some benefits If you are divorced. As long as you and your ex were married for at least 10 years, you can claim Social Security benefits based on your ex’s work history.

You Might Be Able to claim Your Family

If you have any dependent children that are under the age of 19, you could be able to receive additional Social Security payments for them. There are certain annual limits when it comes to dependent benefits, however, it is often worth up to half of your full retirement benefit. Having dependent children in the home can cost you more money when you retire, however, you can take advantage of this additional cost.

Maximize the Survivor’s benefits

If you pass away before you spouse, they can inherit your Social Security benefits after you die. This is only true If your benefit amount is higher than theirs. If you want to be sure that your spouse is taken care of financially If you pass away first, you should delay claiming Social Security for as long as possible. This will ensure that your spouse will be able to receive the maximum amount of benefits.

Make Sure That You Are Being Credited For Your Work

It is a good idea to check up on the Social Security Administration from time to time to make sure that they are crediting you for the taxes that you are paying into the system with each paycheck. You can visit https://www.ssa.gov/, and download your Social Security statement. This will give you a chance to check your earnings history to be sure that the Social Security Administration has been recording the payments correctly. This is something that you should make a habit of doing every year. The Social Security Administration and their computers are not perfect, therefore, errors can be made.

Minimize The Amount of Your Social Security Taxes

If you add up your adjusted gross income, your interest that is nontaxable, and half of your Social Security benefits and it adds up to more than $25,000 for a single person or $32,000 If you are part of a couple, 50 percent of your Social Security benefits could be taxable. If these sources of income are over $34,000 for single people and $44,000 If you are part of a couple, the income tax that would be due on your Social Security benefit can rise up to as much as 85 percent. This can have a huge effect on how much money you would be eligible for each month.

If you are like most people, you are saving to prepare for your retirement. Unfortunately, for many people, this money won’t last until you pass away. This is where your Social Security benefits are necessary to supplement your income to help you get by. If you know how to maximize your Social Security benefits at an early age, you can be sure that you will be able for the maximum amount of benefits.


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