How to Boost Your Social Security Benefit
- 1). Work more years to increase your average monthly earnings. The Social Security Administration bases your benefits on the 35 years in which you earned the most, so if you earned less during certain years, your benefit will be reduced. For example, if you worked for 35 years, but five of them were lower income than the other thirty, working five extra years (for a total of 40 years) at a higher income can make up for the five years of lower earnings, and thus increase your benefits.
- 2). Wait longer to file for benefits. Avoid filing as soon as you are eligible for benefits at age 62, as you will be penalized and your benefits will be reduced. If you turn 62 after 2004, you will see an 8 percent yearly benefits increase for each year you delay your retirement. Wait until at least age 66 to file to increase your benefits by one-third or until age 70 to increase by another third. Remember that benefits do not increase if you work beyond age 70.
- 3). File earlier if you earn less than your spouse. If both spouses cannot wait until age 70 to file for benefits, the spouse who earns less should file earlier and the spouse who makes more should wait until age 70 if possible. Once the higher-earning spouse reaches retirement age, he can claim a spousal benefit equal to 50 percent of his partner's benefit. Meanwhile, the larger benefit will continue to grow and pay more benefits once the higher earner retires.
- 4). Secure benefits for children. File for additional payments if you have disabled children or children under age 16 at the time you file for benefits. Children, as well as spouses who care for the children, are eligible for up to half of your full benefit, which can increase your total household benefit.
- 5). File for extra benefits if you are divorced. If your marriage lasted ten years or more, you are over age 62, and you are not currently married, you may be eligible for benefits based on your ex-spouse's income.
