Hopefully, you'll manage to save a decent chunk of money ahead of retirement so you're not forced to rely too much on Social Security. But even if you end up with a pretty nice nest egg, you may still become dependent on Social Security to cover your ongoing expenses, and that means you may want as large a monthly benefit as possible.
If you've claimed Social Security and aren't happy with what your monthly checks look like, all may not be lost. You may have a couple of options for boosting your benefits even after you've filed for them. Here are two to investigate.
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1. Undo your filing
You might assume that once you sign up for Social Security, you can't undo that claim. But that's not true.
All Social Security recipients get one do-over in their lifetimes. And taking advantage of this option could put more money in your pocket each month.
You may want to undo your Social Security claim if you filed for benefits before reaching full retirement age -- particularly if you signed up at the earliest possible age of 62. To undo your filing, you simply withdraw your application for benefits and then repay all of the money Social Security paid you within a year.
If you do this, you'll be given the option to file for benefits again at a later point. If, for example, you claimed Social Security at 62 when your full retirement age wouldn't arrive until 67, undoing that filing and signing up five years later could result in monthly checks that are 30% higher.
2. Work part-time (or full-time) and earn money
If you decide to undo your Social Security claim, you'll have the option to sign up again later. And that alone could boost your monthly checks. But another thing you can do to get more Social Security is work in some capacity.
Social Security bases your monthly benefits on your 35 highest-paid years in the labor force. If you don't have a complete 35-year work history or have a number of years within your top 35 with very low earnings, you may not end up with the monthly benefits you want.
Let's say you only have a 32-year work history and file for Social Security at 62. You're going to be looking at a smaller benefit each month by virtue of claiming early and not having 35 years of earnings under your belt. If you undo your claim but also work for three more years, you can boost your monthly checks in two ways.
Of course, if you're retired, it may not be feasible to go back to work on a full-time basis. However, part-time earnings count toward your income history and could lead to larger Social Security checks, too.
It's important that your Social Security benefits pay you enough money each month to make a big dent in your retirement expenses. If you've filed already and are finding that that's not the case, it may not be too late to boost your benefits and set yourself up with more guaranteed monthly income.
