Most people eventually retire and start collecting Social Security benefits, but they’re only designed to cover 40% of your salary.
This means you may want to do as much as you can for a larger benefit.
There are a few ways to ensure you get the biggest benefit possible.
3 ways to get the largest Social Security benefit payment possible
First, delay claiming benefits for as long as you can.
You can claim as early as age 62, but you’ll see a major decrease in benefits.
By waiting until your full retirement age, you will see 100% of your benefits.
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For each year you wait from your FRA of 66-67 until age 70, you’ll see around 8% more per year.
Another way to boost benefits is by earning more money if possible each year.
You can do this through a promotion or even side job.
How to apply for benefits
The more you make in a year the higher your income will be later on when it’s averaged out for your benefits.
Your 35 highest earning years are taken into account, so the higher they are, the higher your benefits will be.
Finally, if you can find a job to stick to that you enjoy, working for those 35 years will be a lot easier to do.
It will also help you to delay benefits and work longer because you enjoy what you’re doing.
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