How to Score an Extra $1,983 Per Social Security Check

Collecting an extra $1,983 each month from Social Security is quite a compelling proposition -- it amounts to close to $24,000 in extra income annually. That $1,983 increase is itself even bigger than the entire average monthly Social Security retirement benefit, which was $1,840 as of August.

Unfortunately, it may not be possible for you to achieve quite that big a bump in your future benefits. You can significantly increase your benefits, though.

Image source: Getty Images.

Social Security basics

Let's start with some basic information. Each of us has a "full retirement age." That's the age at which we can start collecting the full benefits to which we're entitled, based on the Social Security Administration's record of our earnings during our working life. The full retirement age is between 66 and 67 for most folks today -- and 67 for anyone born in 1960 or after.

Here's a big catch, though -- you can actually start collecting your benefits as early as age 62. Collect early and your benefits will shrink -- though you'll collect many more checks than if you'd waited longer. Conversely, you can make your retirement benefit checks bigger by delaying collecting them. For each year beyond your full retirement age that you delay, up to age 70, your benefits will grow by about 8%.

The table below shows what percentage of your full benefits you'll receive, depending on when you start collecting:

Data source: Social Security Administration. 

Where's the extra $1,983?

You may reasonably be wondering where that extra $1,983 is, so here's the answer. These are the maximum monthly benefits for those retiring in 2023, depending on their age:

Data source: Social Security Administration. 

According to the table above, the difference between claiming the maximum benefit at age 62 and at age 70 is $1,983. So the way to grab that bonus is to delay claiming those maximum benefits until age 70.

But hold on -- in order to collect the maximum benefits in the first place, you'll need to have qualified for them, and that's a tall order, not achievable by most of us. To get that $4,555 maximum monthly benefit, you'll need to have:

• Delayed collecting until age 70
• Worked for at least 35 years
• Earned (at least) the maximum taxable earnings in each of those 35 years.

The taxable earnings cap generally increases each year, and it's $160,200 for 2023. So you'd need to have earned that much in 2023, and at least $147,000 in 2022, and at least $142,800 in 2021, and so on. This is why most of us will never get that $4,555.

Still, we can boost our benefits considerably -- so don't get too discouraged.

Increasing your Social Security benefits

One way to beef up your benefits is to delay collecting them. If, for example, you were set to collect $2,000 per month starting at your full retirement age and you delayed until age 70, you'd get 124% or 132% of your benefits -- $2,240 or $2,640 respectively.

Another way to increase your Social Security benefits is to earn more. That's easier said than done, of course, but there may be some ways you can earn more. Most people should consider asking for a raise every now and then -- because there's a decent chance it will be granted. Some might consider moving into a better-paying profession, perhaps by earning a new degree or professional certification, while others might stay in the same career but seek higher-paying jobs within it more frequently. Another option is getting a side gig for at least a few years.

Finally, know that once you have worked those 35 years, for each additional year you work, the Social Security Administration will kick out your lowest-earning year from its calculations as it determines your benefits.

So while you may not get that full $1,983 income bump, you may be able to set yourself up to receive a lot more in your retired years. The more you know about Social Security, the better your retirement may be.