Millions of older Americans today receive a monthly benefit from Social Security. And for many of them, that benefit is their only source of income.
It might therefore surprise you to learn that as of October 2024, the average retired worker on Social Security was only collecting $1,924.35 per month. That's only a little more than $23,000 on an annual basis, which isn't a ton of money to live on.
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And unfortunately, Social Security recipients aren't getting much of a boost in the new year. In 2025, Social Security is getting a 2.5% cost-of-living adjustment. But that will only increase the average monthly benefit today by about $48.
The good news, though, is that if you want more Social Security in retirement, there are strategies you can employ to get it. Here are a few to focus on.
1. Boost your income while you're still working
The more money you make, the more generous a Social Security benefit you might end up with in retirement. So it pays to do what you can to grow your income, whether by developing skills that lead to promotions or job-hopping strategically.
You should also know, though, that gig work counts toward your Social Security benefit. So if you're willing to work a second job, those wages will be added to your earnings record provided you report them (which you're legally required to do).
2. Make sure your earnings record isn't missing income
The wages you earn will dictate what monthly benefit you get from Social Security. So it's important to make sure that the Social Security Administration (SSA) isn't missing key data in that regard.
One way to find out is to create an account on its website and review your earnings statement each year. That statement will contain a summary of your wages as well as an estimate of your future monthly benefit. If you see inaccurate wage data, you'll have an opportunity to reach out to the SSA and work with them to update their records.
3. Delay your filing past full retirement age
Full retirement age is when you're eligible for your complete monthly Social Security benefit. You can sign up as early as age 62, but filing before full retirement age will reduce your benefit for life.
Full retirement age is dependent on your year of birth. If you were born in 1960 or later, it's 67. But for each month you delay your Social Security claim past full retirement age, your monthly benefit increases by about 2/3 of 1%. That amounts to a boost of 8% per year.
Now once you turn 70, you no longer get credit for delaying your Social Security claim. So that's the latest age you should plan to file. But if your full retirement age is 67 and you sign up at 70, you stand to grow your monthly benefit by 24% -- for life.
Social Security will only pay you so much money in retirement. But if you make an effort, you can increase those monthly paychecks for a higher senior income. However, don't just do that. Also work on building savings so you're able to supplement your Social Security income and avoid financial stress once your career comes to an end.
