4 Boring Moves To Do Now To Add Hundreds To Your Social Security Check
Written by
Brooke Barley
Edited by
Angela Corry
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What can you do now to add money to your future Social Security check? The truth is there is no one step process, but many little steps can ensure your future Social Security check grows.
Here are what experts say you can do to help add money to your golden years.
Verify Wage History Annually
Your Social Security benefit is based on your previous wages. If there is an error in those reported wages, you’ll want to fix it earlier rather than later to ensure you get the correct amount when the time comes.
“Every year you should check your statement to have your reported earnings and tax returns completely aligned,” Travis Hoechlin, CEO and co-founder of RizeUp Media, said. “Fixing an error early prevents the loss of thousands of dollars in payouts workers tend to miss.”
Increase Income Later in Career
Your Social Security benefit amount is based on your highest paid years of your career. Tyler Denk, the CEO of beehiiv, said that earning more money in the back half of your working years is a smart move. “Even though you may have earned less money when you were younger (and therefore have lower-paid years), you can replace those years with years in which you earn a higher income in order to increase the total amount of money you will receive. These additional dollars will have a much larger percentage of impact than the dollars you earn when you are making a lesser wage in earlier years.”
Delay Benefits Until 70+
Though you can technically access your Social Security benefits at age 62, to get the most from your benefits, you should wait until age 70 to collect.
“Waiting until the age of 70 to start [collecting] will give you the largest monthly check possible regardless of your previous career income,” Hoechlin said. “More than likely, if you claim early at age 62, you lose as much as 30% for life compared to your full retirement age.”
Coordinate with your Spouse
If you’re married, having a discussion about when you’re going to start using your Social Security benefits can be really beneficial. In this discussion, you can also talk about how each person’s income can help increase Social Security benefits.
“If you are in your 30s or 40s, the higher earner should try to make as much money as possible, even if it means the other spouse takes a less lucrative job, to increase your ‘income floor’ as a family,” Gary Gray, co-founder of CouponChief, advised. “This way, the lower earner knows they will have a high-value check to fall back on regardless of their own work history.”
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