Social Security plays a major role in retirement planning, but are you making the most of it? When should you claim your benefits? Is delaying worth it? What if you’re entitled to more than you think?
These are important questions that can impact how much you receive over time.
Many people miss out on additional benefits simply because they don’t know the best strategies. Small decisions—like when you claim, how long you work, and whether you file for spousal benefits—can make a big difference in your monthly payments. If you’re unsure how to maximize what you receive, working with a Social Security benefits lawyer can help you make the best choices based on your situation.
Below, we’ll cover key ways to ensure you get the highest possible benefit amount.
Claim at the Right Age
The age at which you start collecting benefits significantly affects your monthly payment. Here’s what you need to know:
- Early Retirement (Age 62) – You can start claiming at 62, but your benefits could be permanently reduced by up to 30%.
- Full Retirement Age (FRA) – If you wait until your FRA (66 or 67, depending on your birth year), you receive 100% of your benefit.
- Delayed Retirement (Up to Age 70) – Every year you delay beyond FRA, your benefit grows by about 8% annually until age 70.
Delaying your claim can significantly increase your lifetime Social Security income if you can afford to wait.
Work Longer If Possible
Your benefits are based on your 35 highest-earning years. If you have years of low or no income, they bring down your average.
- If you continue working later in life, higher-earning years replace lower ones, increasing your overall benefit.
- Even part-time work after retirement could help boost your monthly payment.
Take Advantage of Spousal and Survivor Benefits
Many retirees don’t realize they may qualify for spousal or survivor benefits that could increase their total income.
- Spousal Benefits – If you’re married (or divorced after 10+ years), you may be able to claim up to 50% of your spouse’s benefit instead of your own.
- Survivor Benefits – If your spouse passes away, you could receive up to 100% of their benefit, depending on when you claim.
Watch Out for Taxes on Social Security
Social Security benefits may be taxed, depending on your total income:
- If you file as an individual and make more than $25,000 per year, up to 50% of your benefits could be taxable.
- If your income exceeds $34,000, up to 85% of your benefits may be taxed.
To avoid surprises, consider spreading out withdrawals from retirement accounts to keep your taxable income lower.
Be Aware of the Earnings Limit
Social Security may temporarily reduce your payments if you collect benefits before full retirement age and continue working.
- In 2024, you lose $1 for every $2 earned over $22,320 if you’re below FRA.
- Once you reach FRA, there’s no earnings limit, and your benefits may even increase.
File an Appeal If Something Seems Wrong
Mistakes in benefit calculations or eligibility decisions can cost you money. If you believe there’s an error, you have the right to challenge it.
- You can request a reconsideration if you think your benefit amount is incorrect.
- If denied, you can appeal for a hearing before an administrative judge.
- If necessary, you can escalate your case further.
Since appeals involve detailed paperwork and deadlines, Social Security appeal lawyers can help guide you through the process.
Plan for Healthcare Costs
Many retirees don’t factor in Medicare costs, which can reduce their actual Social Security income.
- Medicare premiums are often deducted from benefits, lowering your monthly payments.
- Consider Medicare Advantage or supplemental plans to reduce out-of-pocket expenses.
- Plan ahead for long-term care needs, as Medicare doesn’t cover them.
Final Thoughts
Maximizing your Social Security benefits requires smart decisions at every stage. Choosing the right age to claim, working longer, and understanding spousal benefits can significantly increase what you receive. If you suspect a mistake in your benefits or need help appealing a decision, a Social Security benefits lawyer can help protect your rights. The key is to plan ahead, make informed choices, and ensure you get every dollar you’re entitled to.