For many retirees, Social Security benefits are a main source of guaranteed income. As of March 2024, the estimated average monthly benefit for a retired worker was $1,905. A few different factors go into calculating the size of your benefit, but there may be things you can do to give that number a boost. Here are five ways to increase Social Security benefits.
1. Work for at Least 35 Years
When determining your benefit amount, the Social Security Administration (SSA) will calculate your average monthly earnings during the 35 years that you earned the most money—and this plays an important role in figuring out your basic benefit. Stepping out of the workforce for an extended time, or working less than 35 years in total, could bring down your monthly payment.
You can check your Social Security account to see your personalized earning history and retirement benefit estimates. One way to increase Social Security benefits is to work longer. Putting in a few extra years, especially if you're earning more than you were before, could lead to a higher monthly payment when you retire.
2. Increase Your Income
Remember that the SSA looks at your average monthly income during your top-earning years, then uses that to calculate your monthly benefit amount. The more you earn, the more you'll receive in Social Security payments—up to a certain point. In 2024, earnings up to $168,600 are subject to Social Security tax.
Finding ways to increase your income could pay off today and during retirement. The following tips might help you get there:
- Ask your employer for a raise. Come to the conversation prepared with examples of why your work is worthy of a pay increase.
- Look for a new job. Tap your professional network to see what opportunities may be available. If you do get a better offer somewhere else, you might be able to use that as leverage with your current employer.
- Pick up a side gig. Whether it's driving for a ride-hailing service or starting a full-fledged side business, a lucrative side hustle could help strengthen your income. If you pay self-employment tax on these earnings, it'll go toward Social Security and Medicare taxes.
3. Delay Your Benefit
If you've worked for at least 10 years and paid Social Security taxes, you can begin collecting Social Security at age 62—but holding off can increase your monthly payment. Here's some important information to know about delaying your benefit:
- You'll receive a reduced amount if you start cashing in on Social Security before you reach your full retirement age.
- If you were born after 1959, your full retirement age is 67.
- Your Social Security payment will increase 8% for every year you delay claiming your benefit (up to age 70).
If you begin collecting Social Security at age 62, you'll receive 70% of your full retirement benefit—and chances are you'll only see an annual cost-of-living adjustment.
4. See if You Qualify for Survivors Benefits
You might be entitled to a larger monthly payment if you can collect Social Security based on:
- Your deceased spouse's earnings record: Surviving spouses can receive reduced benefits starting at age 60 (or 50 if you have a disability that started before or within seven years of your spouse's death). You can switch to your own Social Security benefit when you turn 62—or later if you choose. One strategy is to collect a reduced amount based on your spouse's record, giving your other benefit time to increase before making the switch.
- Your deceased ex-spouse's earnings record: If you were married for at least 10 years, you could get the same benefits as a surviving spouse. However, you won't be eligible if you remarry before age 60 (or age 50 if you have a disability).
5. Check Your Earnings Record for Errors
Don't forget that your Social Security benefit is based on your earnings record. If there are inaccuracies in that record, it could lead to a reduced monthly payment.
Log in to your Social Security account to ensure that your earnings record is correct. If not, you might be able to request a correction online or by contacting the Social Security Administration at 800-772-1213. Having supporting W-2s and pay stubs on hand can help expedite the process.
The Bottom Line
If you're wondering how to increase your Social Security benefits, start by checking your earnings record for errors. But working for at least 35 years, and increasing your income along the way, is usually the best strategy. Survivor benefits are also worth exploring if your spouse or ex-spouse has passed away.