Simple Ways to Increase Your Social Security Benefit

Simple Ways to Increase Your Social Security Benefit As most of Retirees American rely on Social security Benefits this article prepared to help the Beneficiary to know the Simple ways they can do to Boost Your Social Security Benefits.

Requirements & Eligibility to Receive Social Security Payment

Satisfy the below to meet the Social Security Payment Eligibility 2024:

• Hold the status of a citizen or a lawful permanent resident.
• Meet the required income threshold: $112,500 for single applicants, $150,000 for couples filing jointly, and $112,500 for families.
• Be 65 years of age or older.
• Possessing dependents who are currently assigned Social Security numbers.

Ways to Boost Your Benefits

There are nine steps that could go a long way toward helping you maximize your Social Security retirement benefits. You can use a combination of the following strategies (some of which have eligibility requirements):

• Work for 35 years
• Wait until at least full retirement age to collect benefits
• Collect spousal benefits
• Receive dependent benefits
• Monitor your earnings
• Watch out for tax bracket creep
• Apply for survivor benefits
• Check your Social Security statement for mistakes
• Halt benefits temporarily

The Social Security Administration (SSA) periodically increases Social Security benefits through what is called a cost-of-living adjustment (COLA). The COLA bumps up benefits to reflect rising prices (otherwise known as inflation).

1. Work for 35 Years

You can be eligible for Social Security benefits after working for as little as 10 years, and you can begin receiving benefits as early as age 62 or as late as age 70. Your benefit amount is based on the average of your 35 highest-earning years. If you work for fewer years, those zeros are averaged in.34

2. Wait Until at Least FRA to Collect Benefits

As you can see from the maximum levels above, you can retire as young as 62 and collect Social Security, but your benefits will be reduced by 25% to 30%. For everyone born after 1942, the full retirement age (FRA) is 66, with two months added for each year after 1954. For those born in 1960 and after, it is age 67.6

3. Collect Spousal Benefits

If you’re married, care for a child, have little earned income, and are at least 62 years old, you may be eligible to receive benefits through your spouse. The spousal benefit can be as much as 50% of your partner’s benefit, depending on when the partner retires.8

4. Receive Dependent Benefits

If you are retired and have dependents under age 19, they are entitled to up to 50% of your benefit. This dependent benefit doesn’t decrease the amount of Social Security benefits that a parent can receive. They are added to what the family receives.8

5. Monitor Your Earnings

If you continue to work after your Social Security payments begin, keep track of your earnings to ensure that they don’t exceed the allowed limit. If they do exceed it in any year, your benefit will be reduced for that year.

6. Watch Out for Tax Bracket Creep

If you’re still working while receiving benefits, you also have to watch out for income tax bracket creep. Your earnings from employment plus your Social Security benefits could push you into a higher tax bracket. Of course, if you earn enough additional income, the higher tax bracket may not matter compared to the additional cash.

7. Apply for Survivor Benefits

If your deceased spouse (or ex-spouse) was eligible for a higher Social Security payment than you are, you might be eligible for that higher survivor benefit. You might qualify for the higher benefit even if your spouse died before applying for benefits.11

8. Check Your Social Security Statement for Mistakes

You get a Social Security statement every year. Do not assume it is accurate. Check the amounts listed in your history of earnings and report any errors to the Social Security Administration.

9. Halt Benefits Temporarily

You may have the right to suspend your benefits, pay back the money you’ve already received, and then start collecting a greater benefit amount later. You can take this step only if you’ve received your benefits for less than a full year.12

Maximum Social Security Pension Amount