The average senior citizen receiving Social Security benefits receives $1,661 per month. In total, that comes to almost $20,000 per year.
It’s undoubtedly a nice sum of money to use as a supplement to your retirement savings. However, in the absence of additional income, it hardly suffices to support a family.
Despite this, know that there are steps you can take to obtain an even higher monthly benefit if the thought of receiving only $1,661 from Social Security doesn’t appeal to you. Some of them are also very simple to execute.
1. Get a Second Job to Increase Your Income
Benefits are not randomly distributed by Social Security. Instead, it uses a formula that takes into account each worker’s wage history to calculate benefits on an individual basis.
You might find it challenging to substantially increase your pay if you happen to work in a field that pays relatively poorly.
However, if you find a side job and start earning money from it, the IRS will be aware and it will count toward your future benefits (which it should).
2. Verify the Accuracy of Your Employment History
The Social Security Administration (SSA) cannot guarantee that the wage information it collects for you is accurate. However, mistakes do occasionally occur.
Because of this, it’s crucial to check and confirm the accuracy of your earnings history. In the future, you might receive a higher monthly benefit if you fix an instance of underreported income.
Actually, the SSA will send you an earnings statement each year that includes a summary of your most recent earnings and an estimate of your monthly benefit. If you’re under 60, you can access those statements online at the Social Security Administration’s website.
If you’re 60 or older, they should be delivered to your mailbox. You could enjoy more monthly income as a senior by spending just a few minutes making sure your wage history is accurate.
3. Put Off Filing Until You’re 70 Years Old
Once you reach full retirement age or FRA, you can start receiving the monthly Social Security benefit to which you are entitled based on your employment history. Depending on your year of birth, FRA is 67 if you were born in 1960 or later.
However, once FRA is implemented, you are not compelled to enrol in Social Security. The benefits you receive may increase if you wait a few years before applying for them.
Your benefits will increase by 8% for each year your Social Security claim is postponed after FRA. It makes no sense to delay enrolling in Social Security after age 70 since you are no longer eligible for a benefit increase.
However, if you wait to file until you are 70 years old and your FRA is 67, your benefits will increase by 24%.
Refuse to accept mediocrity.
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The average senior on Social Security today may receive a monthly check of $1,661 – but that doesn’t mean you have to accept that amount.
If you’re eager to receive a benefit that is more generous than that in the future, make it a point to increase your income as much as you can, confirm that your wage history is accurate, and make a plan to delay claiming benefits until your 70th birthday.
The $18,984 Social Security bonus is something that most retirees completely ignore.
If you’re like the majority of Americans, you’re at least a few years behind on saving for retirement. However, there are a few little-known “Social Security secrets” that could guarantee an increase in your retirement income.
One simple trick, for instance, could earn you an additional $18,984 a year! We believe that once you understand how to maximize your Social Security benefits, you will be able to retire confidently and worry-free. Click here to find out how to find out more about these tactics.
