Many retirees worry they’ll need to work longer to get more out of Social Security. While working longer is one way to do so, there are some strategic moves that can also boost benefits without adding extra work.
Here are some steps to take to maximize your Social Security benefits.
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Delay Claiming for Bigger Checks
You can start taking benefits as early as 62, but you’ll get stuck with a reduced monthly payment. If you wait until your full retirement age of 67, you’ll get the full benefit. Hold out until age 70, and you’ll max out what’s owed to you — roughly 8% more for every year past full retirement age.
For example, if your monthly benefit should be $2,000 at full retirement age (67), this is how much you’d get at each of these stages:
- Age 62: approximately $1,400 monthly
- Age 67: $2,000 monthly
- Age 70: approximately $2,480 monthly
Just waiting those additional three years nets this hypothetical person $480 more per month or $5,760 per year.
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Coordinate With Your Spouse for Maximum Benefit
If you’re married, you and your spouse can coordinate claiming your benefits to maximize earnings but also stay within the proper tax bracket so that you don’t pay more in taxes on your income.
For example, the higher-earning spouse could delay their benefits to the maximum age of 70 to nail down the highest possible payments, while the lower-earning spouse could take benefits at 67 or even earlier.
Understand Spousal Benefits
If one spouse earned significantly less during your working years, spousal benefits can help bridge that gap. You may be able to receive up to 50% of your spouse’s full retirement benefit once they’ve filed.
For example, if your own benefit is $900 a month and your spouse’s is $2,400, you could qualify for a spousal benefit of $1,200. The SSA automatically calculates and pays whichever is higher when you apply.
Don’t Overlook Ex-Spouse Benefits
If you’re divorced, you might still be eligible for Social Security benefits based on your ex-spouse’s work record. To qualify, your marriage must have lasted at least 10 years, you must be currently unmarried and your ex-spouse must be entitled to benefits.
Qualifying individuals could receive up to 50% of their former spouse’s benefit amount, which could be more than some people would receive on their own accord. This could be especially helpful to anyone who earned less or took time out of the work force. Also, the ex-spouse doesn’t lose any benefits by you making this claim.
Leverage Survivor Benefits
Additionally, widows and widowers have even more options through survivor benefits, which may allow them to receive up to 100% of their late spouse’s benefit. The rules can vary depending on your age and if you remarried, so be sure to review the details carefully with the SSA.
Check For Disability or Other Special Benefits
Social Security offers more than just retirement benefits. If you or your spouse become unable to work due to a qualifying medical condition, you may be eligible for Social Security Disability Insurance (SSDI). In addition, Supplemental Security Income (SSI) can provide extra support for those with limited income or resources.
These programs can help bridge the gap in household expenses and protect family income.
Review Your Social Security Statement Annually
Just reviewing your annual Social Security statement can help you spot errors in your earnings record. You can request a statement, and a correction, if needed, at any time at SSA.gov.
You don’t need to work longer to maximize Social Security so long as you’re looking clearly at all the benefits you’re entitled to and timing when you take those benefits strategically. If you’re uncertain, be sure to reach out to a financial professional who can guide you. Some Social Security decisions, once made, can’t be taken back.
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This article originally appeared on GOBankingRates.com: 7 Ways To Maximize Your Social Security Benefits Without Working Longer
