Absolute Retirement Solutions

social security benefits

Strategies To Help Increase Your Social Security Benefits

Many people rely on Social Security as a big part of their retirement income. When you are no longer receiving paychecks from work, it is essential that you maximize your benefits. These are some tips and considerations to help you get the most out of your benefits!

Work Longer

Your Social Security payments are based on the 35 years of your employment in which you earned the most. If you work for less than 35 years, you will have to factor in zeros, which can have a big impact on your benefits. If you can manage to work a few more years, even part-time, anything is better having zeros factored into your average.

Know Your Full Retirement Age

Your full retirement age is determined by the year you were born in. For most people, it’s between ages 65 and 67. If you start taking your Social Security benefits before then, your benefits will be permanently reduced. The amount your payments get reduced is based on how many months away from full retirement age when you start taking payments.

Earn More in your Final Working Years

Earning more money sounds easier said than done, but if you can get a raise at your job, get more income from a side job, or otherwise increase your income, you can boost your Social Security benefits. This is because you are adding higher numbers to your 35-year average, which is used as a basis for your payment amounts.

Delay Benefits

Delaying your benefits beyond full retirement age can increase the amount you get. For example, waiting until age 70 to start taking Social Security will get you up to 132% of what you would have received had you started taking benefits at your Full Retirement Age.

Take Advantage of Spousal Benefits

Spouses and ex-spouses who were married for 10 years, have been divorced for at least 2 years and have not remarried may be eligible to claim a spousal benefit. That means receiving 50% of your current or former spouse’s annual Social Security benefits, if it is higher than your own benefit.

How Should YOU File for Social Security Benefits?

There are over 500 ways to claim and collect Social Security. It is worthwhile to meet with a financial professional who understands the intricacies of Social Security to help improve your personal situation. Absolute Retirement Solutions can help you develop a personalized strategy for claiming Social Security. Contact us today to speak with a qualified professional and get the guidance you need. Call (913) 254-3030 or fill out our online contact form.

We are not affiliated with the Social Security Administration or any other governmental agency.