Washington, DC – As of January 2024, retirees were receiving an average monthly Social Security benefit of $1,907. However, many individuals aim for a higher retirement benefit and may need to consider various strategies to achieve this goal.
Contrary to popular belief, the monthly Social Security benefit one receives in retirement is not solely based on lifetime wages. In fact, there are ways to potentially increase this benefit amount through strategic planning and decision-making.
One effective strategy to boost your monthly Social Security benefit is to delay claiming it. By waiting to claim benefits until reaching full retirement age or even beyond, individuals can significantly increase the amount they receive each month. This can be a valuable tactic for those looking to maximize their retirement income.
Another important factor to consider is the impact of working longer on your Social Security benefit. By continuing to work past retirement age, individuals can increase their benefit amount by replacing lower-earning years in the benefit calculation with higher-earning years, ultimately leading to a higher monthly benefit.
Lastly, taking advantage of spousal benefits can also help increase your monthly Social Security benefit. Depending on your marital status and the earnings history of your spouse, you may be eligible for a higher benefit amount by strategically coordinating when each spouse claims their benefits.
Overall, there are multiple strategies individuals can employ to enhance their Social Security benefits and secure a more comfortable retirement. By carefully considering these options and seeking guidance from financial advisors, retirees can work towards achieving their desired benefit amount and enjoying a financially stable future.