Although you should not rely on Social Security benefits as your main source of income in the United States, it could be an important part of your retirement earnings.
As you can see, there is a considerable difference between getting $1,465 or $2,119. In fact, the second payment is about $654 higher than the first one.
When inflation and soaring prices make millions of retirees run out of money, it would be wise to consider this useful tip.
There are different ways to boost your Social Security payments in retirement. However, there is one that most people can do, and that is to decide when they can file for retirement benefits. In fact, waiting to file until you reach Full Retirement Age can boost your benefits by about 44%.
Should you file for Social Security at 62 or at Full Retirement Age?
If you apply for Social Security at 62, you are getting a reduction of about 30%. That is so much money that not many workers can afford this big bite. While filing at 62 can be negative for your finances, filing at Full Retirement Age will give you 100% of your benefits.
Hence, there will be no reductions but no rewards either. If your future retirement check will be approximately $1,465 at 62, filing at 67 will be the key to getting $2,119.
Bear in mind that if you opted for filing at the age of 70, you could receive a Social Security payment worth $2,634 at this age. Of course, as long as you pay the necessary taxes.
Other ways to increase Social Security benefits without filing late
Filing later than 62 is not the only way to increase your future retirement benefits. For example, if you just work for ten years, you may be eligible for Social Security but you will get a really low payment in most cases.
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Nevertheless, if you work for a minimum of 35 years, that is the number of years of work you need not to get a reduction. For example, if you work for 34 years, one year will count as $0 in earnings because SSA uses 35 years in its calcualtions.
Increasing your wages is another great way to boost your retirement benefit payments. So, to get the largest benefit payment of $5,108 in 2025 you must:
- file at 70
- work for 35 years
- earn the taxable maximum for 35 years
- have jobs covered by SSA
Jon King is an experienced journalist with 3 years of experience in the field. With a strong background in investigative reporting, Jon is known for his in-depth coverage of crime news, finance news, local news, and USA news. Currently working with Mikeandjonpodcast, Jon brings his sharp investigative skills, where he provides timely updates and analysis on a wide range of topics. His commitment to delivering accurate and impactful news has earned him a reputation for providing insightful and comprehensive stories that resonate with his audience.
