5 Things Millennials Can Do Now To Get a Bigger Social Security Check in Retirement
Written by
Chris Adam
Edited by
Amber Barkley
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
It’s never too soon to start thinking ahead to retirement. In fact, it’s probably not too soon to start planning for how you’ll manage your money after you leave full-time work, including what you’ll do with your Social Security income.
For millennials, now may be the time to take a few actions to set yourself up for a bigger retirement check — especially with all the recent debates over the future of Social Security.
Earn More
This may not be the best news, but one more direct way for a millennial to get a bigger Social Security check is to earn more. That means it may be time to ask for a raise or take up a side hustle.
In general, Social Security benefits are based on how much you’ve paid into the system. The higher your paycheck — and the more you put into the system in taxes — the bigger your Social Security check is likely to be once you reach retirement age.
Work Smarter
You’ve probably heard it said before that you should work smarter and not harder. Now may be time to start taking that to heart. After all, the more money you make, the more you should see in Social Security benefits, up to the limit.
If you don’t just want to put in more work and longer hours, perhaps think strategically about how you work. Try to get a raise or promotion, for example. According to Indeed, some ways to get promoted include following the examples of those who’ve already been moved to higher positions in the company and being a positive presence in your workplace.
Plan To Work for at Least 35 Years
As you’re planning for retirement, look forward to working at least 35 years. Social Security benefits are determined by looking at the 35 years in which you earn the most — and if you don’t work for the full 35 years, it will include zero-earning years in your average.
If you have any particularly low-earning years, you may want to work a few extra when your wage is higher, as well, to cancel those out and bring your average — and therefore your monthly check amount — higher.
Review Your Records
Here’s a simple step you can take now to potentially increase your future benefits: Regularly review your Social Security earnings record, which lists all your earnings that have been reported to the Social Security Administration (SSA). Ensure that record matches up with your W-2 form or pay stubs.
You can set up an online account with the SSA to review your records. It’s a good idea to do this at least once a year.
Find a Financial Advisor
If you already have a financial advisor, you could start with them. If not, you could look around to find one who specializes in Social Security benefits.
An advantage of working with a Social Security advisor is that they can tailor your strategy to maximize your Social Security benefits. However, any good financial advisor should be able to optimize your financial strategy including Social Security.
More From GOBankingRates
