I’m a Financial Expert: 5 Ways To Make Your Social Security Last Longer Every Month
Written by
Emily Fowler
Edited by
Amber Barkley
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Making Social Security last longer every month isn’t just about maximizing the amount received — it’s about planning, strategizing and being smart with available resources. With the right approach, retirees can stretch their benefits and even increase their overall retirement income.
GOBankingRates spoke with two experts for tips on maximizing the value of those monthly checks and stretching them as far as possible.
Plan Ahead for Maximum Benefits
Planning ahead can be key to maximizing Social Security benefits, including delaying claiming, if retirees are able to.
“Waiting until full retirement age or even later — up to age 70 — will increase the monthly benefit amount that you receive,” said Justin Rush, a financial advisor at Nemes Rush Family Wealth Management. “Every year you wait past full retirement age, your benefit grows by [up to] 8%.”
For married couples, there’s another layer of strategy. Coordinating claims can maximize benefits.
“The higher-earning spouse can delay benefits to maximize survivor benefits, while a lower-earning spouse claims earlier to balance current needs with long-term income security,” said Rush.
This way, both spouses get the best of both worlds: higher long-term income and sufficient funds for immediate needs.
Set Up a Realistic Budget
Amy Loftsgordon, a legal editor at Nolo specializing in debt management and personal finance, emphasized the importance of budgeting.
“A realistic budget is your best weapon against overspending,” she said.
Cut Unnecessary Expenses
This starts with tracking expenses and ensuring that every dollar has a purpose. Loftsgordon recommended making an expense record to better understand where money is going. Using an app, spreadsheet or even paper, documenting spending patterns reveals areas where cuts can be made.
Once expenses are tracked, it’s time to look for areas to reduce spending. For example, comparing prices when shopping or choosing a more affordable gym option can make a significant difference in the budget.
“If you always eat out, buy only the most expensive clothing or habitually purchase whatever you want, whenever you want it, these costs add up,” said Loftsgordon.
Plan for Unexpected Costs
Life happens. Unforeseen expenses can derail retirement plans, especially if they’re not factored into a budget.
Loftsgordon advised creating space in the budget for irregular expenses, like emergencies, annual dues or maintenance costs, so there’s always some wriggle room.
Invest In Long-Term Growth
While Social Security offers a reliable foundation, relying solely on it may not be enough to keep pace with inflation. Rush recommended investing in assets with growth potential before and during retirement.
“Social Security’s cost-of-living adjustments (COLA) help benefits keep pace with inflation, but good planning can help ensure other income sources can fill gaps,” he said.
Whether it’s stocks, bonds or other investment vehicles, growth-oriented assets can provide an additional cushion that makes Social Security stretch even further.
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