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8 Ways to Increase Social Security Benefits
Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. The articles, interactive tools and other content are provided to you at no cost as self-help tools, and only for informational purposes. They are not designed to provide any investment advice. NerdWallet does not , and cannot, warrant the accuracy or validity of any information with respect to your specific circumstances. The examples are hypothetical and we encourage you to seek guidance from qualified experts on particular investment concerns. The estimates we provide are based on past market performance. Past performance isn't an assurance of future performance. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't feature every company or financial product available on the market however, we're confident that the guidance we offer, the information we provide and the tools we develop are independent, objective easy to use and free. So how do we make money? Our partners compensate us. This may influence which products we write about (and where those products appear on our website) however it in no way affects our advice or suggestions that are based on hundreds of hours of research. Our partners do not promise us favorable ratings of their goods or services. .
8 Ways to Increase Social Security Benefits
The delay of your beginning date is one method to ensure the highest monthly return, but there are other options worth looking into.
By Liz Weston, CFP(r) Senior Writer | Personal Finance economics, credit scores Liz Weston, CFP(r) is a personal finance columnist co-host of the "Smart Money" podcast Award-winning journalist and creator of five novels about money, including the bestseller "Your Credit Score." Liz has been on numerous national radio and television shows, including"Today," the "Today" show "NBC nightly news,"" as well as the "Dr. Phil" show and "All Things Considered." Her columns are carried in the media by The Associated Press and appear in hundreds of media outlets weekly. Prior to NerdWallet, she wrote columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She lives in Los Angeles with a husband as well as a daughter, and a golden retriever that is co-dependent.
Dec 21, 2022
Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news efforts as well as oversees the team that is responsible for expanding NerdWallet content to additional topics in personal finance.
Previously, he has worked as a channel manager for MSN.com and as a web manager at the University of California San Diego and as an editor of copy and staff writer for the Los Angeles Times. He has a Bachelor of Arts in communications , as well as an M.A. Arts in anthropology.
A majority of the products featured here are from our partners who pay us. This impacts the types of products we write about and the location and manner in which the product is featured on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here is a list of and .
The information on investing provided on this page is provided for informational purposes only. NerdWallet does not provide advisory or brokerage services neither does it suggest or counsel investors to purchase or sell specific stocks, securities or other investments.
More Like This
Understanding how to boost Social Security benefits is important, since those payments will be a major source of income when you retire.
Many people do not understand how Social Security really works. They make claims too early, fail to claim on important benefits and do not make use of strategies that could boost their earnings over their lifetime. Their mistakes can cost them as much as $250,000, as researchers have estimated.
These are the eight methods you can increase the amount of your Social Security benefits.
In this article, and show More
1. Delay your application
Social Security retirement benefits increase approximately 5% to 7% each year that you delay between the earliest age of claiming at 62 years old and the retirement age at full retirement that is currently two months and 66. increasing to 67 for those born in 1960 and later.
The benefit you receive increases if you can wait beyond your full retirement age. boost your check by 8% for each year you hold off applying until the age of 70, when the benefit is at its maximum.
A tip for the average person: You would be better off delaying their retirement due to the large body of research that takes into account the longer lifespans as well as the current rates of interest and survivors' benefits. Many financial planners encourage their clients to utilize other resources, such as retirement funds, especially if this permits them to delay the application process.
2. Work longer
Social Security is calculated based on a worker's 35 highest-earning years. It is possible to get more benefit working longer if you'll earn enough to cover the lower-paying years with one that is more lucrative.
Individuals who had time off to care for children or had other breaks from their jobs could find working longer to help increase their benefit. (Note that if 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, thereby increasing the chance of earning money from continuing to work.
Pro Tips: If you begin Social Security early, your benefit will be reduced by one dollar for every $2 you earn over a certain limit, which will be $21,240 by 2023. This test for earnings expires when you reach your full retirement age and it's generally better to wait until then to apply.
3. Earn more
Another method to boost the amount of your next Social Security pay is to max out your earnings over as many years as you are able to. "Maxing out" in 2023 means that you've made $160,200 or more which is the highest amount of income that is subject to the 6.2 percent Social Security payroll tax. If you max out throughout your 35 highest-earning years, you'll qualify for the maximum Social Security benefit at your full retirement age. That's $3,627 per month in 2023.
A tip for self-employed people will try to minimize the amount of their income subject to payroll taxes however, that strategy could end up costing them when it's time to file for Social Security. Making a little more tax in the short term could pay off in the long run with a higher income, adjusted for inflation.
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NerdWallet rating is made by our editorial staff. The scoring formula used for brokers online and robo-advisors take into consideration more than 15 aspects that include account fees and minimums, investment choices customer service, and mobile app capabilities.
NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula for online brokers and robo advisors takes into consideration more than 15 variables which include account fees, minimums, investment choices as well as customer service and mobile app features.
NerdWallet rating The ratings of NerdWallet are determined by our editorial team. The scoring formula for online brokers and robo advisors takes into consideration more than 15 aspects, including account fees and minimums, investment options as well as customer service and mobile app functionality.
Fees of $0 per trade for trading online U.S. stocks and ETFs
Charges $0.005 per share; as the lowest to $0.0005 with volume discounts
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Account minimum $0
Account minimum $0
Promotion: Get $100 when you open an eligible new Fidelity account with $50 or more. Use code FIDELITY100. Only for a short period of time. Terms and conditions apply.
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4. Consider your spouse
Certain spouses with lower earnings could benefit more benefit from a spousal benefit than from using their own retirement benefits. Spousal benefits may be up to 50 percent of the amount the higher earner gets at his or the fully retired age. The amount is reduced in the event that it is initiated early. Typically the higher-earning spouse needs to be receiving a retirement benefit for the other partner to get a spousal benefit. In the past, people with higher incomes were able to "file and then suspend" to let their own benefits grow however, that's no longer an option.
When you apply, Social Security will compare the spousal benefits against your own retirement benefits and award you the greater of the two. In most cases it is not possible to transfer 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 filing an "restricted applications" for benefits related to spousal support only and switching to their own benefits later.)
Couples should also take into consideration the benefits of survivorship when they make Social Security decisions. If one spouse dies the survivor will receive only one check, which is the largest than the other two check that the couple received. The decrease in income resulting from the lost check can be significant. Couples can mitigate the harm by making sure that the check that remains is as large as is possible. This usually means having the one with the highest income delay the beginning of Social Security typically for at least a few years until full retirement age.
A tip for you: Coordinating benefits with your spouse could get complicated. Take a look at the Social Security claiming calculator to look into your options. There's a no-cost version available on the AARP site, or you can purchase more advanced versions 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 his or her full retirement age. If you decide to remarry the divorced spouse benefit ceases. You must be age 62 in order to receive spouse benefits.
If your ex-partner died and the marriage lasted at least 10 years, you may be eligible for survivorship benefits that can be as high as 100% of the ex's benefit. You may remarry at age 60 or older (or 50 or older if disabled) and still be eligible for divorced survivor benefits. Benefits for survivors and divorced survivors start at the age of 60 or 50 if the survivor is disabled or at any other age if you're taking care of your ex's child less than 16 or is disabled (and in that situation the marriage requirement of 10 years is waived). Survivors may transfer to their own benefits later , if the amount is greater, and vice versa.
Pro tip: Your ex must be at least 62 years old for you to be eligible for divorced spousal benefit. However, the spouse it isn't necessary to receive his or the benefit of his or her own. (That's different than regular benefits to spousal which usually need the worker who is primary to be in prior to when spouses can be eligible for benefits.) Survivor benefits are determined by what your ex was receiving or could have earned at the full retirement age. (If the ex delays starting benefits after reaching full retirement age, the survivor's benefits are enhanced by the delayed retirement credits.) If you start benefits before your full retirement age, however the amount you receive will be decreased.
6. Add your minor child
If you're receiving Social Security retirement or disability benefits, your children could be entitled to an additional check. Minor children who are not married may get up to 50 percent of the primary worker's disability or retirement benefits. This benefit for children typically expires at 18, but can be extended to 19 in the case of a child who is in high school. Benefits for children are available to those 18 and older who are disabled, and the disability began before turning 22.
There is an "family maximum" that restricts the amount an entire family can receive based on one worker's earnings history. The maximum amount is between 150 188% and 150% of the worker's monthly salary at full retirement age. If your family's total benefits exceed the limit, the worker would continue to receive a check that is not reduced, but the dependents' checks will be reduced proportionally.
Pro tip: Family benefits, including the benefits for spouses and children, will be evaluated by Social Security's earning tests and may be reduced or even eliminated if the primary worker begins benefits before the start of the year however, they continue to work.
7. Suspend your benefit
If you started Social Security early and decided that it was a mistake you may be able to stop receiving your benefits when you attain . This will enable your benefit to accrue the delayed retirement credit that will increase the amount you receive by 8% every year until you reach 70, at which point your benefit reaches its maximum. You do not have to repay the benefits you've earned.
In addition, if you stop your benefits, it does not affect the benefits of those who are receiving checks based on your work record, for example, your spouse or minor child. The potential increment in your benefits could not be enough to offset the loss of your dependents' benefits.
Pro tip A few times Social Security workers incorrectly tell that they can't stop benefits. If this happens to you then refer them to this webpage on the site.
8. Use a do-over
If you decide to change your mind within a year of applying for Social Security, you can make a withdrawal and repay all you've received in benefits. It will set the clock back on your benefits so you'll receive the 7% to 8% annual increase by delay in your application. You can do this only once per lifetime, and you can't withdraw your application after 12 months.
Pro tip: Removing your application is distinct from suspending your benefit. You can stop receiving your benefits orally or in writing anytime after you reach full retirement age. To withdraw, fill out the Social Security Form SSA-521 within a year of applying and pay an amount equal to the total amount of benefits you and your family have received, which includes any Medicare premiums deducted from your check.
About the author: 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...
Find a broker that is more reliable
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Find out more money-saving strategies right to your inbox
Join us and we'll send you Nerdy content on the topics in finance that matter most to you as well as other strategies to help you get more value from your money.
In the event you loved this post and you want to receive more info regarding $255 payday loans online same day no credit check (credit-as.site) i implore you to visit our own webpage.
Advertiser disclosure You're our first priority. Everytime. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. The articles, interactive tools and other content are provided to you at no cost as self-help tools, and only for informational purposes. They are not designed to provide any investment advice. NerdWallet does not , and cannot, warrant the accuracy or validity of any information with respect to your specific circumstances. The examples are hypothetical and we encourage you to seek guidance from qualified experts on particular investment concerns. The estimates we provide are based on past market performance. Past performance isn't an assurance of future performance. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't feature every company or financial product available on the market however, we're confident that the guidance we offer, the information we provide and the tools we develop are independent, objective easy to use and free. So how do we make money? Our partners compensate us. This may influence which products we write about (and where those products appear on our website) however it in no way affects our advice or suggestions that are based on hundreds of hours of research. Our partners do not promise us favorable ratings of their goods or services. .
8 Ways to Increase Social Security Benefits
The delay of your beginning date is one method to ensure the highest monthly return, but there are other options worth looking into.
By Liz Weston, CFP(r) Senior Writer | Personal Finance economics, credit scores Liz Weston, CFP(r) is a personal finance columnist co-host of the "Smart Money" podcast Award-winning journalist and creator of five novels about money, including the bestseller "Your Credit Score." Liz has been on numerous national radio and television shows, including"Today," the "Today" show "NBC nightly news,"" as well as the "Dr. Phil" show and "All Things Considered." Her columns are carried in the media by The Associated Press and appear in hundreds of media outlets weekly. Prior to NerdWallet, she wrote columns for MSN, Reuters, AARP The Magazine and the Los Angeles Times. She lives in Los Angeles with a husband as well as a daughter, and a golden retriever that is co-dependent.
Dec 21, 2022
Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads NerdWallet's news efforts as well as oversees the team that is responsible for expanding NerdWallet content to additional topics in personal finance.
Previously, he has worked as a channel manager for MSN.com and as a web manager at the University of California San Diego and as an editor of copy and staff writer for the Los Angeles Times. He has a Bachelor of Arts in communications , as well as an M.A. Arts in anthropology.
A majority of the products featured here are from our partners who pay us. This impacts the types of products we write about and the location and manner in which the product is featured on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here is a list of and .
The information on investing provided on this page is provided for informational purposes only. NerdWallet does not provide advisory or brokerage services neither does it suggest or counsel investors to purchase or sell specific stocks, securities or other investments.
More Like This
Understanding how to boost Social Security benefits is important, since those payments will be a major source of income when you retire.
Many people do not understand how Social Security really works. They make claims too early, fail to claim on important benefits and do not make use of strategies that could boost their earnings over their lifetime. Their mistakes can cost them as much as $250,000, as researchers have estimated.
These are the eight methods you can increase the amount of your Social Security benefits.
In this article, and show More
1. Delay your application
Social Security retirement benefits increase approximately 5% to 7% each year that you delay between the earliest age of claiming at 62 years old and the retirement age at full retirement that is currently two months and 66. increasing to 67 for those born in 1960 and later.
The benefit you receive increases if you can wait beyond your full retirement age. boost your check by 8% for each year you hold off applying until the age of 70, when the benefit is at its maximum.
A tip for the average person: You would be better off delaying their retirement due to the large body of research that takes into account the longer lifespans as well as the current rates of interest and survivors' benefits. Many financial planners encourage their clients to utilize other resources, such as retirement funds, especially if this permits them to delay the application process.
2. Work longer
Social Security is calculated based on a worker's 35 highest-earning years. It is possible to get more benefit working longer if you'll earn enough to cover the lower-paying years with one that is more lucrative.
Individuals who had time off to care for children or had other breaks from their jobs could find working longer to help increase their benefit. (Note that if 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, thereby increasing the chance of earning money from continuing to work.
Pro Tips: If you begin Social Security early, your benefit will be reduced by one dollar for every $2 you earn over a certain limit, which will be $21,240 by 2023. This test for earnings expires when you reach your full retirement age and it's generally better to wait until then to apply.
3. Earn more
Another method to boost the amount of your next Social Security pay is to max out your earnings over as many years as you are able to. "Maxing out" in 2023 means that you've made $160,200 or more which is the highest amount of income that is subject to the 6.2 percent Social Security payroll tax. If you max out throughout your 35 highest-earning years, you'll qualify for the maximum Social Security benefit at your full retirement age. That's $3,627 per month in 2023.
A tip for self-employed people will try to minimize the amount of their income subject to payroll taxes however, that strategy could end up costing them when it's time to file for Social Security. Making a little more tax in the short term could pay off in the long run with a higher income, adjusted for inflation.
Advertising
NerdWallet rating is made by our editorial staff. The scoring formula used for brokers online and robo-advisors take into consideration more than 15 aspects that include account fees and minimums, investment choices customer service, and mobile app capabilities.
NerdWallet rating NerdWallet's ratings are determined by our editorial team. The scoring formula for online brokers and robo advisors takes into consideration more than 15 variables which include account fees, minimums, investment choices as well as customer service and mobile app features.
NerdWallet rating The ratings of NerdWallet are determined by our editorial team. The scoring formula for online brokers and robo advisors takes into consideration more than 15 aspects, including account fees and minimums, investment options as well as customer service and mobile app functionality.
Fees of $0 per trade for trading online U.S. stocks and ETFs
Charges $0.005 per share; as the lowest to $0.0005 with volume discounts
Fees $0 per trade
Account minimum $0
Account minimum $0
Account minimum $0
Promotion: Get $100 when you open an eligible new Fidelity account with $50 or more. Use code FIDELITY100. Only for a short period of time. Terms and conditions apply.
Promotion Exclusive! US resident opens a new IBKR Pro individual or joint account receives 0.25 percent rate reduction on margin loans. Tiers apply.
Promotion up to $600 when investing in a new Merrill Edge(r) Self-Directed Account.
4. Consider your spouse
Certain spouses with lower earnings could benefit more benefit from a spousal benefit than from using their own retirement benefits. Spousal benefits may be up to 50 percent of the amount the higher earner gets at his or the fully retired age. The amount is reduced in the event that it is initiated early. Typically the higher-earning spouse needs to be receiving a retirement benefit for the other partner to get a spousal benefit. In the past, people with higher incomes were able to "file and then suspend" to let their own benefits grow however, that's no longer an option.
When you apply, Social Security will compare the spousal benefits against your own retirement benefits and award you the greater of the two. In most cases it is not possible to transfer 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 filing an "restricted applications" for benefits related to spousal support only and switching to their own benefits later.)
Couples should also take into consideration the benefits of survivorship when they make Social Security decisions. If one spouse dies the survivor will receive only one check, which is the largest than the other two check that the couple received. The decrease in income resulting from the lost check can be significant. Couples can mitigate the harm by making sure that the check that remains is as large as is possible. This usually means having the one with the highest income delay the beginning of Social Security typically for at least a few years until full retirement age.
A tip for you: Coordinating benefits with your spouse could get complicated. Take a look at the Social Security claiming calculator to look into your options. There's a no-cost version available on the AARP site, or you can purchase more advanced versions 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 his or her full retirement age. If you decide to remarry the divorced spouse benefit ceases. You must be age 62 in order to receive spouse benefits.
If your ex-partner died and the marriage lasted at least 10 years, you may be eligible for survivorship benefits that can be as high as 100% of the ex's benefit. You may remarry at age 60 or older (or 50 or older if disabled) and still be eligible for divorced survivor benefits. Benefits for survivors and divorced survivors start at the age of 60 or 50 if the survivor is disabled or at any other age if you're taking care of your ex's child less than 16 or is disabled (and in that situation the marriage requirement of 10 years is waived). Survivors may transfer to their own benefits later , if the amount is greater, and vice versa.
Pro tip: Your ex must be at least 62 years old for you to be eligible for divorced spousal benefit. However, the spouse it isn't necessary to receive his or the benefit of his or her own. (That's different than regular benefits to spousal which usually need the worker who is primary to be in prior to when spouses can be eligible for benefits.) Survivor benefits are determined by what your ex was receiving or could have earned at the full retirement age. (If the ex delays starting benefits after reaching full retirement age, the survivor's benefits are enhanced by the delayed retirement credits.) If you start benefits before your full retirement age, however the amount you receive will be decreased.
6. Add your minor child
If you're receiving Social Security retirement or disability benefits, your children could be entitled to an additional check. Minor children who are not married may get up to 50 percent of the primary worker's disability or retirement benefits. This benefit for children typically expires at 18, but can be extended to 19 in the case of a child who is in high school. Benefits for children are available to those 18 and older who are disabled, and the disability began before turning 22.
There is an "family maximum" that restricts the amount an entire family can receive based on one worker's earnings history. The maximum amount is between 150 188% and 150% of the worker's monthly salary at full retirement age. If your family's total benefits exceed the limit, the worker would continue to receive a check that is not reduced, but the dependents' checks will be reduced proportionally.
Pro tip: Family benefits, including the benefits for spouses and children, will be evaluated by Social Security's earning tests and may be reduced or even eliminated if the primary worker begins benefits before the start of the year however, they continue to work.
7. Suspend your benefit
If you started Social Security early and decided that it was a mistake you may be able to stop receiving your benefits when you attain . This will enable your benefit to accrue the delayed retirement credit that will increase the amount you receive by 8% every year until you reach 70, at which point your benefit reaches its maximum. You do not have to repay the benefits you've earned.
In addition, if you stop your benefits, it does not affect the benefits of those who are receiving checks based on your work record, for example, your spouse or minor child. The potential increment in your benefits could not be enough to offset the loss of your dependents' benefits.
Pro tip A few times Social Security workers incorrectly tell that they can't stop benefits. If this happens to you then refer them to this webpage on the site.
8. Use a do-over
If you decide to change your mind within a year of applying for Social Security, you can make a withdrawal and repay all you've received in benefits. It will set the clock back on your benefits so you'll receive the 7% to 8% annual increase by delay in your application. You can do this only once per lifetime, and you can't withdraw your application after 12 months.
Pro tip: Removing your application is distinct from suspending your benefit. You can stop receiving your benefits orally or in writing anytime after you reach full retirement age. To withdraw, fill out the Social Security Form SSA-521 within a year of applying and pay an amount equal to the total amount of benefits you and your family have received, which includes any Medicare premiums deducted from your check.
About the author: 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...
Find a broker that is more reliable
See NerdWallet's recommendations for the most reliable brokers.
Dive even deeper in Investing
Find out more money-saving strategies right to your inbox
Join us and we'll send you Nerdy content on the topics in finance that matter most to you as well as other strategies to help you get more value from your money.
In the event you loved this post and you want to receive more info regarding $255 payday loans online same day no credit check (credit-as.site) i implore you to visit our own webpage.
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