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5 Ways to Increase Your Social Security Benefits

Social Security benefits currently make up 38% of income for most retirees1. With over 10,000 baby boomers retiring every day, sage retirees will maximize their benefits by understanding the following ways to get the most from their tax dollars.

1. Take benefits at Your Full Retirement Age

Did you know that 69% of retirees take their benefits before their full retirement age? According to a 2012 LIMRA study, over two-thirds of retirees are taking less income than what is available to them.

This mistake could cost you a 25% reduction in benefits for life! If you file before your full retirement age, for most people this is age 66, you will never receive 100% of the benefits you’ve paid for.

Don’t follow the herd on this simple decision. Delay receipt of benefits at least until your full retirement age.

2. Better yet, wait until age 70 before filing

How would you like a 32% increase in retirement income? What if that income was inflation adjusted for life? If it sounds too good to be true, don’t worry, I’m not trying to sell you an annuity.

By delaying benefits beyond your full retirement age, you could increase benefits by 8% per year for a maximum increase of 32% by age 70.

The increase is adjusted through simple interest, however this increased amount is the base for all future cost of living adjustments (COLA). That means that not only will you enjoy more income, but also each year it will increase more because of your higher base.

3. Take Spousal Benefits

Spousal benefits are commonly overlooked as a way to increase retirement income. If you have been married for over 12 months (or were divorced after 10 years of marriage) you could qualify for spousal benefits.

As a spouse, you are entitled to 50% of your husband or wife’s benefit. You can take these benefits as soon as you or your spouse has reached full retirement age.
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