Maximize Your Social Security Benefits: Increase Your Monthly Income by $700

By John

Updated on:

Social Security is a vital source of income for many older adults during retirement. According to a 2024 Gallup poll, 88% of current retirees depend on Social Security benefits,

and 60% consider it their primary source of income. Some retirees even rely solely on these benefits, which can be risky without additional savings. Maximizing your Social Security can boost your financial security in retirement, and one strategy can increase your monthly benefits by over $700.

Why Timing Matters

When you choose to start receiving Social Security benefits has a major impact on your monthly income. The earliest you can start benefits is age 62, but doing so reduces your monthly check by up to 30%.

If you wait until your full retirement age (67 for those born in 1960 or later), you’ll get 100% of your benefits. Delaying benefits until age 70 increases your payments by at least 24% above your full retirement amount.

How Much Can You Gain?

By waiting until age 70, the difference in your monthly check can be significant. For example, in 2023, the average retired worker received $1,298 per month if they claimed at age 62. If they waited until age 70,

the monthly benefit jumped to about $2,038. That’s an increase of $740 each month. These adjustments are permanent, meaning you’ll receive the higher amount for the rest of your life.

When to Claim Benefits Early

Delaying benefits isn’t for everyone. If you have health issues or don’t expect to live long into your 70s, claiming benefits early might make more sense. Claiming early could allow you to enjoy your benefits while you’re still in good health and reduce the stress of working during retirement.

Strategic Spousal Benefits

If you and your spouse are both eligible for benefits, a strategy called “spousal benefits” may help. One spouse can claim early, while the other delays, allowing you to receive additional income sooner while maximizing long-term benefits. This approach can provide financial flexibility and ease the transition into retirement.

Making the Decision

When to start collecting Social Security is a personal decision that depends on your health, financial needs, and life expectancy. If maximizing your retirement income is your goal, waiting a few extra years can boost your monthly income significantly, leading to a more comfortable retirement.

Maximizing Social Security benefits is essential for securing a stable retirement. By considering when to claim benefits and using strategic approaches, such as delaying or coordinating with a spouse,

you can increase your monthly income by several hundred dollars. Evaluate your situation carefully to make the best decision for a financially secure future.

1. When is the best time to start collecting Social Security?

The best time depends on your health, financial needs, and life expectancy. Delaying benefits until age 70 increases your monthly check, but starting earlier may make sense if you need the income sooner or have health concerns.

2. How much can I increase my Social Security by waiting?

If you wait until age 70, you can increase your monthly benefits by 24% or more compared to starting at full retirement age. This could mean an extra $700 or more each month.

3. Can my spouse and I use Social Security strategies together?

Yes, one strategy is for one spouse to claim benefits early while the other delays. This way, you can receive some income sooner while maximizing overall benefits in the long run.

4. What if I need the money before my full retirement age?

You can start collecting benefits as early as age 62, but your monthly check will be reduced. It’s important to weigh this against your long-term needs and overall financial situation.

5. Will my Social Security payments increase each year?

Yes, Social Security payments typically increase with annual cost-of-living adjustments, ensuring that your benefits keep up with inflation over time.


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