In the United States, millions of retirees and people with disabilities rely on Social Security payments as their primary source of income. However, many are unaware that there are strategies that allow them to increase their monthly checks, up to increases of as much as $700, although this figure can vary by beneficiary. These strategies include delaying retirement age, increasing salary and accumulating more years of work.
Maximizing Social Security benefits requires planning and knowledge of the factors that influence the final amount of the check. Here are key points that can help optimize retirement benefit income, plus other supplemental programs that offer additional assistance to improve financial security.
Boost your Social Security check
To maximize your Social Security check, there are three key issues that affect your final benefit amount:
- Retirement age: Delaying retirement until age 70 allows you to get the maximum possible. Each additional year worked after full retirement age (age 67 for many) increases the amount of the monthly check. This increase is an efficient way to secure more income during retirement.
- Salary: The higher the average salary, the higher the monthly benefit. The Social Security Administration (SSA) calculates the monthly check based on the average salary for the 35 highest earning years. Increasing annual salary in the years prior to retirement can positively impact the final benefit.
- Years worked: Completing at least 35 years of work is essential. If a beneficiary has worked less than these 35 years, the SSA considers the missing years as zero earnings, which reduces the final average. Working more than 35 years can also help replace years with lower earnings with years with higher wages.
It should be noted that the increase of up to $700 is approximate and depends on each individual situation, as the combination of age, salary and time worked uniquely affects the final amount.
Other ways to increase Social Security income
In addition to maximizing the Social Security check, some beneficiaries may be able to access other programs that offer additional financial help. It is possible to combine Social Security with assistance programs such as SSI or SNAP, which can increase total income.
Below are some of the programs that are compatible with Social Security:
- Supplemental Security Income (SSI): For people over age 65 or with disabilities and low income. This program provides additional income and can be gotten along with Social Security.
- Supplemental Nutrition Assistance Program (SNAP): Provides food help to low-income people, SSI recipients and retirees.
- Medicare: Social Security beneficiaries have access to Medicare, a health program that reduces medical expenses.
- Medicaid: For beneficiaries with very low incomes, Medicaid may offer supplemental medical coverage.
These programs provide additional support for those who need help beyond Social Security. Exploring these options and understanding the requirements of each can be an excellent way to ensure better financial support in retirement or in financially vulnerable situations.
Increasing the Social Security check and exploring supplemental programs can make a big difference in the financial stability of beneficiaries. With proper planning and taking advantage of these options, retirees and people with disabilities can optimize their income and have greater financial peace of mind. Since each situation is unique, it is advisable to become well informed about the strategies and benefits available and, if possible, consult with a specialized advisor to maximize the impact of each help and ensure better long-term financial support.