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8 Strategies to Enhance Social Security Benefits Advertiser disclosure You're our first priority. Every time. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other information are offered to you for free as self-help tools, and are intended for informational use only. They do not intend to provide investment advice. NerdWallet is not able to guarantee the accuracy or applicability of any information in regard to your specific circumstances. These examples are hypothetical, and we encourage you to seek advice from a qualified professional regarding specific investment issues. Our estimates are based on the past performance of the market, and past performance is not an indication of future performance. We believe everyone should be able to make financial decisions confidently. 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Written by Liz Weston, CFP(r) Senior Writer | Personal Finance economics, credit scores, and personal finance Liz Weston, CFP(r), is a personal finance columnist host of"Smart Money," the "Smart Money" podcast an award-winning journalist, and the creator of five novels about money, including the bestseller "Your Credit Score." Liz has been featured on a variety of national television and radio programs, including the "Today" program "NBC Nightly News," the "Dr. Phil" show, and "All Things Considered." Her columns are distributed in the media by The Associated Press and appear in hundreds of media outlets weekly. Prior to joining NerdWallet she wrote for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She shares a home with her family in Los Angeles with a husband, a daughter and a co-dependent golden retriever. 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NerdWallet is not a broker or advisor. or brokerage services, nor does it recommend or counsel investors to purchase or sell certain stocks, securities, or other investments. More Like This Understanding how to boost Social Security benefits is important because those checks will likely be the main source of your retirement income. A lot of people don't know how Social Security really works. They make claims too soon, do not receive on crucial benefits, and don't take advantage of strategies that can boost their income over the course of their lives. Their mistakes can cost them as much as $250,000, researchers have estimated. These are the eight methods you can increase you Social Security benefits. In this article and Show More 1. Delay your application Social Security retirement benefits rise by 5% to 7% each year that you delay between the earliest claiming age, 62, and the retirement age at full retirement, which is currently two months and 66. rising to 67 for people born in 1960 and later. The benefit you receive is higher if you prolong your retirement past full retirement age. increase your earnings by 8% for each year you hold off applying until you reach age 70, at which point your benefits are at their maximum. Pro tip: Most people would be better off delaying their retirement in accordance with a huge body of research that takes into consideration longer lives, prevailing interest rates and survivors benefits. Many financial planners encourage their clients to use other sources, like retirement funds, if that permits them to delay applying. 2. Work longer Social Security is based on a worker's 35 highest-earning years. You could be eligible to get more benefit being more productive if you can make enough money to cover the lower-paying years with a higher-paid one. People who took time off to raise families or have breaks in their employment may find that working longer hours can help increase their benefits. (Note it is important to note that should you start Social Security early, continuing to work can temporarily cut the amount you receive.) In addition, a woman's salary is more likely than a man's to increase later in life, increasing the chance of earning money from continuing to work. Pro Tip: If you start Social Security early, your benefits will be cut by $1 for every $2 you earn over an amount that is capped, which is $21,240 in 2023. This earnings test disappears at the time you reach your full retirement age and it's generally best to wait at least until the time you reach that age to apply. 3. Earn more Another method to boost the amount of your next Social Security pay is to increase your earnings over as many years as you can. "Maxing out" in 2023 means that you've made $160,200 or more which is the maximum amount of income subject to the 6.2% Social Security payroll tax. If you've maxed out in all 35 of your most lucrative years, you'll be eligible for the maximum Social Security benefit at your full retirement age. This is $3,627 per month for 2023. Pro tip: Sometimes self-employed workers will seek to reduce the portion of their income that's subject to payroll taxes however, that strategy could be a problem when it's time to file for Social Security. Paying a bit more taxes in the short run may pay off in an ongoing stream of more, inflation-adjusted income. Advertisement NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula used for online brokers and robo-advisors is based on taking into account more than 15 variables which include account fees, minimums, investment options customer service, and mobile app functionality. NerdWallet rating is determined by our editorial team. The scoring formula for online brokers and robo advisors takes into consideration more than 15 variables that include account fees and minimums, investment choices as well as customer service and mobile app capabilities. NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring system for online brokers and robo-advisors takes into consideration more than 15 aspects which include account fees, minimums, investment options customer service, and mobile app functionality. 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Typically the higher-earning spouse needs to receive a retirement benefit for the other spouse to receive a spousal benefit. The past was when people with higher incomes were able to "file and then suspend" to increase their own earnings, but that's no longer an option. When you apply, Social Security will compare the spousal benefits to your own retirement benefit and give you the larger of the two. In most cases, you won't be able to switch from a spousal benefit to your own benefits later on, even if your benefit is higher. (People born prior to the date of. 2 1954 have the option of submitting a "restricted applications" for benefits related to spousal support only and switching to their own benefit later.) Couples should also think about survivor benefits when making Social Security decisions. If one spouse dies, the survivor will receive only one check, the larger than the other two check that the couple received. The decrease in income resulting from the lost check can be substantial. Couples can help mitigate the damage by ensuring the amount of the check remaining is as big as it can be. This usually means having the higher earner put off the date of Social Security typically for at least a few years until full retirement age. Tips for coordinating benefits with a spouse can be a challenge. Take a look at an Social Security claiming calculator to look into the options. There's a free one at the website of the AARP as well as the option to buy more sophisticated version at Social Security Solutions ($20 and up) or Maximize My Social Security ($39 and up). 5. Investigate divorced spouse benefits If you're not married but an earlier marriage lasted at minimum 10 years, you may be eligible for spousal benefits in accordance with your ex's job records. The amount could be up to 50 percent of the employee's benefits at the fully retired age. If you remarry, however, the divorced spouse benefit ceases. You must be age 62 in order to receive spouse benefits. If your ex has died and the marriage lasted for at least 10 years, you might be eligible for survivor benefits that can be as high as 100% of your ex's compensation. You can remarry at 60 or over (or 50 and older in the case of a disabled) and still be eligible for benefits for divorced survivors. Survivor and divorced survivor benefits are available at 60, or at age 50 if the survivor is disabled, or at any age when you're caring for the child of your ex-partner who is younger than 16 or has disabilities (and in that case the marriage requirement of 10 years is removed). People receiving survivor benefits can change to their own benefits in the future if it's greater or more substantial, and vice versa. Pro tip: Your ex must be at least 62 years old for you to qualify for divorced spousal benefit, but does not need to receive the benefit of his or her own. (That's distinct in spousal benefits for regular spouses, that typically need the worker who is primary to be in before the spouse can receive anything.) Survivor benefits are determined by what your ex was getting or could have received at the full retirement age. (If your ex delayed starting benefits past full retirement age, your survivor's benefit will be enhanced by the delay retirement credit.) If you begin receiving benefits prior to your own full retirement age however the amount you receive will be cut in half. 6. Add your minor child If you're receiving Social Security retirement or disability benefits, your children could be eligible for an additional check. Minor children who are not married may receive up to 50 percent of the primary worker's retirement or disability benefit. This child benefit typically ends at age 18, but may continue to age 19 if the child is still attending high school. Child benefits are also available to those 18 and older when they have a disability and the disability began before the child turned age 22. There is a "family maximum" which limits the amount a family can collect based on one worker's earnings record. The maximum amount is between 150 188% and 150% of the worker's monthly benefit at full retirement age. If your total family benefits exceed the limit the worker will continue to receive a regular check but the dependents' checks would be proportionately reduced. Pro tip The benefits for families, including the benefits for spouses and children, will be evaluated by Social Security's earning test and may be reduced or even eliminated if the primary worker begins benefits before the start of the year and continues to work. 7. Suspend your benefit If you began Social Security early and decided that it was a mistake you can suspend your benefit at the time you attain . It will permit your benefits to earn credits for delayed retirement, which increases the amount you are eligible for by 8% each year you delay until age 70, the point at which your benefit reaches its maximum. You don't have to pay back the benefits you've received. The suspension of your benefits, however will also affect the benefits of any other person who receives benefits based on your employment history, such as a spouse or a minor child. The potential increment in your benefits may not make up for the loss of your dependents' benefits. Pro tip: Sometimes Social Security workers incorrectly tell that they can't suspend benefits. If that happens to you then refer them to this webpage on the website. 8. Do it again If you change your mind within one year of submitting for Social Security, you can withdraw your application and pay back everything you've earned in benefits. It will set the clock back on your benefits , so that you can receive the 7% - 8percent increase in your annual benefits by delaying your application. You are only able to do this once throughout your life and you aren't allowed to withdraw your application after 12 months. Pro tip: Withdrawing your application is different from suspending your benefits. You can stop receiving your benefits either in writing or verbally at anytime after you reach the full retirement age. In order to withdraw, you must fill out Social Security Form SSA-521 in the first a year of applying and pay an amount equal to the total amount of benefits you and your family members have received, including any Medicare premiums that are deducted from your checks. Author bio Liz Weston is a columnist at NerdWallet. She is certified as a financial planner and author of five money books including "Your Credit Score." In a similar vein... 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