How to Increase Social Security Benefits After You Retire

Increase Social Security Benefits

Although many Americans don’t trust of Social Security system, it remains an integral part of millions of retirement plans. Luckily, the Social Security Administration (SSA) has created several routes for retirees to increase their Social Security checks, even after you’re already retired. Let’s look a little closer at several ways to increase Social Security benefits

Consider Partial Retirement

Let’s say you retired 5 years before your full retirement age. You’re enjoying your life and your freedom, but wish you had more wiggle room in your budget. A potential solution is to take on some part-time work to help support your lifestyle. By doing so, you reduce the amount of money you need from Social Security, so you can request to get your benefits at a reduced rate.

Be Strategic with Spousal Benefits

If you are married, plan on devising a plan between you and your spouse for claiming your benefits. Current guidelines from the SSA state that a spouse’s benefits are the greater of what they have earned with their own work history or 50% of the higher-earning spouse’s benefits. 

Withdraw Your Application

Some people, in a hurry to reach retirement, claim their Social Security benefits early before their full retirement age. This decision can often lead to regret. There are huge advantages to waiting until full retirement age to begin drawing on Social Security. The primary one is that your payments will be higher if you wait than if you start taking benefits early. Patience pays off.

Suspend Your Benefits if Possible

Suspension of benefits means you’ll stop getting any benefits from Social Security temporarily. The big perk: your retirement benefits earn delayed retirement credits, adding 8% to your benefit for each year you delay past full retirement age.

The Social Security Office Isn’t Always Correct

To get the most out of your benefits, know before you go. Do as much research as you can on your own to determine what your benefits should be and take that information with you. Additionally, triple check every line of information before making an official filing.

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