The average senior on Social Security today collects $1,543 a month. Now, combined with withdrawals from a retirement plan or ongoing payouts from a pension, that could make for a very nice lifestyle.
But many people don’t retire with a lot of money or collect pension income, and if you’re behind in savings, then it’s especially crucial that you get as much money out of Social Security as possible. Here are three popular ways to do just that.
1. Work for at least 35 years
Your Social Security benefit is calculated based on how much you’re paid during your most profitable 35 years on the job. But what that also means is that if you don’t work a full 35 years, you’ll have a figure of $0 factored into your personal benefit equation for each year you’re without income.
A good way to boost your benefit, therefore, is to make sure to put in at least 35 years in the labor force. Those years don’t have to be consecutive, and gig and freelance work count, so there’s a fair amount of flexibility there. Also, if you’re nearing the end of your career and can’t continue working full time, part-time work also counts.
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2. Boost your earnings with side income
You can try to grow your job skills and go after promotions at work, but at some point, your wages might stagnate despite your best efforts. However, the more money you earn during your career, the higher your Social Security benefit can be. That’s why it could pay to boost your income with a second job, whether it’s consulting in your full-time field on the side, starting a crafting business, or driving for a rideshare company.
3. Delay filing until age 70
You’re entitled to your full monthly Social Security benefit, based on your wage history, once you reach full retirement age. That age isn’t universal; it’s based on your year of birth, as follows:
Year of Birth
