7 Tips to Receive a Higher Social Security Check

By | November 7, 2013

According to a survey conducted by the Social Security Administration, the average social security retirement benefits stands at $1,261 per month for 2013, which is merely $15,132 annually. With your current living standards, will you be able to spend your needy years with that kind of income?

Tips to increase you social security

Most of the people are making regular investments to maintain their current lifestyle after retirement. Would you like to increase the amount of your social security checks? It is possible to get higher social security payments with some basic steps. It will ensure that you will receive a handsome amount in your golden years.

How to boost your social security checks with simple tips?

  • Work for 35 years or more: The amount of social security check is calculated according to your 35 highest earning years. It is important to work for 35 years or more so that the overall average will not suffer because of zero income years. Secondly, you can ask for a salary hike, as it will boost your future earning potential.
  • Claim social security after complete retirement age: According to the current rules, social security benefits can be availed after the age of 62 years. However, it might reduce your benefits by 25 percent. It is best to claim social security only after your reach your full retirement age i.e. after 67 years and 66 for those born between 1943 and 1954.
  • Wait for delayed retirement credits: The Social Security Administration offers delayed retirement credits for the individuals who delay their social security claims. Each year of delay can increase your benefits by 8 percent and if you can wait up to 70 years, you would receive a third more social security benefits for your life. For couples, the higher earning spouse should wait until 70 years to receive higher social security amount for the couple throughout their retirement.
  • Choose between spousal benefits and work history: Married individuals can take social security benefits depending upon their work history or 50 percent of the benefits of your spouse. It is best to compare between both before making your claim. One can even claim social security benefits over the work record of their ex-spouse provided they were married for at least 10 years.
  • Claim social security benefits twice: Dual-income retired couples can enjoy dual social security claims. First, they can eligible to claim for spousal benefits, and then switch to the benefits based upon their work history. In short, you can claim social security benefits even before complete retirement.
  • Check your social security statements regularly: It is important to perform your due diligence and check your social security statements for any discrepancy. It is highly unlikely to find any discrepancies, but it is best to keep an eye.
  • Pay your debts: The debt collections are responsible for your social security benefits and it is best to keep your debts clear before retirement. In some cases, unpaid federal loans, federal taxes, and similar federal loans. It will ensure that your social security benefits are untouched after retirement.

Leave a Reply

Your email address will not be published. Required fields are marked *