3 Ways to Boost Your Social Security Benefits

How to Increase Social Security Benefits: 3 Proven Strategies

A question we often hear is, is it possible to increase my Social Security benefits? The answer is yes. There are three basic ways you can boost your benefits, work more years, earn more in annual income, and claim benefits later.

Strategy 1: Work More Years to Raise Your 35-Year Average

Social security benefits are based on an average of your 35 highest-earning years. By working more years, you can replace any zeros from missed years or lower wage years to create a better base for your benefit calculations.

Strategy 2: Earn More Annual Income (Up to the Wage Base Limit)

The Social Security formula is based on earnings up to a designated limit each year. That limit can change. In 2003, for example, that limit was $87,000. In 2016, the limit was $118,500. If you are earning less than the annual limit, a higher working income will help you increase your benefit. Working over time, extra hours, or taking a second job are always to boost that annual income.

Strategy 3: Delay Claiming Social Security for a Higher Monthly Benefit

You can claim benefits as early as age 62, but the longer you wait, the higher your monthly benefit will be. The difference in income when added up over a lifetime can be enormous.

Get Help Maximizing Your Social Security

For more information on how to maximize your social security benefits, please contact us today.