3 Proven Strategies to Get More from Social Security

Social Security is a crucial source of income for many retirees.

However, simply relying on Social Security alone may not provide enough income to cover all expenses in retirement.

Fortunately, there are several strategies you can use to get more from Social Security in retirement.

These strategies can help increase your benefit amount and provide you with more financial security in retirement. As always, consult with a financial advisor or retirement planner to determine which strategy is best for your individual circumstances.

In this blog, we’ll discuss three such strategies.

Delay taking Social Security benefits

One way to get more from Social Security is to delay taking your benefits until you reach your full retirement age or later.

The full retirement age is determined by your birth year, and typically ranges from age 66 to 67. If you delay taking your benefits until after your full retirement age, your benefit amount will increase by a certain percentage for each year you delay.

For example, if your full retirement age is 66 and you delay taking your benefits until age 70, your benefit amount will increase by 8% per year, resulting in a 32% increase in your monthly benefit amount.

Coordinate spousal benefits

Another way to get more from Social Security is to coordinate spousal benefits.

If you’re married, you and your spouse may be eligible for spousal benefits based on each other’s earnings records.

One strategy is for one spouse to file for benefits early, while the other delays taking benefits until their full retirement age or later.

This allows the couple to receive some income early on, while also maximizing their overall Social Security benefit amount.

Work for at least 35 years

The Social Security Administration calculates your benefit amount based on your average monthly earnings over your 35 highest-earning years.

If you work for fewer than 35 years, the Social Security Administration will include zero-earning years in the calculation, which can significantly reduce your benefit amount.

By working for at least 35 years, you can ensure that your benefit amount is based on a full career’s worth of earnings.

In conclusion, Social Security is an important source of income in retirement, but it may not be enough to cover all of your expenses.