Millions of retired people and disabled people in the United States depend on Social Security payments as their main source of income.
But a lot of people do not know that there are ways to get their monthly checks to go up by as much as $700, though this amount can change for each beneficiary. Some of these strategies are putting off retirement, making more money, and working longer.
To get the most out of your Social Security benefits, you need to plan ahead and know what affects the final amount of your check.
These are some important things to keep in mind about how to get the most out of your retirement benefits and other programs that can help you get ahead financially.
Boost your Social Security check
To get the most out of your Social Security check, there are three main things you should do:
Age of retirement: You can get the most if you wait to retire until you are 70 years old. The amount of the monthly check goes up by one for every year worked after the full retirement age, which for many is age 67. This raise is a good way to make sure you have more money when you retire.
Average salary: The monthly benefit is higher if the average salary is higher. The Social Security Administration (SSA) figures out the monthly payment by looking at the average salary from the 35 years with the most money. Increasing the annual salary in the years before retirement can make the final benefit better.
Years worked: You must have worked for at least 35 years. If a beneficiary has worked less than 35 years, the SSA counts those years as years with no earnings, which lowers the final average. Working for more than 35 years can also help you replace years when you did not make much money with years when you did.
It is important to note that the increase of up to $700 is only a rough estimate. The exact amount depends on the person’s age, salary, and the number of hours worked.
Other ways to increase Social Security income
In addition to getting the most out of their Social Security check, some recipients may also be able to get help with money from other programs. Social Security and other aid programs, like SSI or SNAP, can be added together, which can raise total income.
These are some of the programs that work 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.
People who need help beyond what Social Security offers can get it from these programs. Looking into these options and learning what they require can be a great way to make sure you have better financial support in retirement or when you are in a tough financial spot.
Beneficiaries can be much more financially stable if they get a bigger Social Security check and look into extra programs.
People who are retired or have disabilities can make the most of their income and feel better about their finances if they plan ahead and use these options.
Since every case is different, it is best to learn as much as you can about the different options and benefits, and if you can, talk to a professional advisor to get the most out of each help and make sure you have better long-term financial support.
Also see:-New Social Security payments after the elections: official dates and maximum amounts