In an ideal world, you'll retire with access to income outside of Social Security, like savings and investments. But those benefits might still end up playing an important role in your retirement finances nonetheless. So if you're eager to boost them, here are a few essential moves you'll want to make ahead of retirement.
1. See how many years you've worked
The monthly Social Security benefit you're entitled to in retirement will hinge on how much you earn during your 35 highest-paid years on the job. Earnings outside that window won't be factored into your benefits calculation.
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What this also means, though, is that if you don't have a full 35 years of work under your belt, you may be looking at a reduced monthly benefit from Social Security. So if you're nearing the end of your career, take a look at your work history. If you see that you're not quite at 35 years of earnings, consider extending your time in the workforce to get there.
You should also know that you don't necessarily need to remain in the workforce on a full-time basis in this situation. Part-time earnings count as wages for Social Security purposes, too.
So let's say you're 64 and really want to retire at 65, but you've only worked 33 years. You could work another couple of years on a part-time basis as a compromise.
2. Hold on to a high-paying job a little longer
Even if you already have a 35-year earnings history, it could still make sense to stay in the workforce longer for the purpose of boosting your Social Security benefit. Let's say you've worked 35 years and are on the cusp of retirement, but you're now making $100,000 annually.
It may be that your lowest annual salary across your top 35 years of pay was $60,000. If you can replace a year of a lower salary like that with a higher salary of $100,000, your monthly Social Security benefit stands to increase.
3. Join the gig economy -- even if just temporarily
Salaried wages aren't the only income that get counted for Social Security purposes. It may be that you're nearing your preferred retirement age without a 35-year work history. If you retire but opt into the gig economy, you can earn income that counts toward calculating your monthly benefit.
And remember, you don't have to commit to gig work indefinitely. If you have 33 years of work so far, hold down some type of gig for two more years if that's all you feel you can manage.
However, you may find that the gig you choose is more flexible and manageable than expected. And that might push you to keep at it so you have extra income at your disposal during retirement. Plus, you may find that you need that gig work to stay busy enough.
It's natural to want as much money from Social Security as possible. Make these moves before you retire to set yourself up with a higher benefit for life.
