A Complete Guide to Maximizing Your Social Security Check

By Motley Fool Retirement Team – Updated Dec 4, 2024 at 4:58 PM

Key Points

Maximize SS benefits by delaying claims past full retirement age for added yearly credits.
Increase SS earnings by working minimum of 35 years, replacing low-earning years if possible.
Using a Roth IRA for savings avoids taxes on withdrawals, enhancing SS benefits.

Learning how to maximize your Social Security can make a big difference in your retirement planning. Social Security makes up about 30% of income for people 65 and older. But increasing your Social Security requires careful planning.

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Two people celebrating with sparklers at dusk. — Image source: Getty Images.

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Taxable Income

Taxable income is the amount of income subject to taxation after deductions and exemptions.

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Person sitting on a bench near a waterway and bridge while talking on the phone and looking at documents. — Image source: Getty Images.

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Medicare

A U.S. government health insurance program primarily for people aged 65 and older, as well as some younger individuals with disabilities.

If you're already FRA but haven't turned 70 yet: You can request that Social Security suspend your benefits to earn delayed retirement credits, and then reinstate them later. Once you're 70, Social Security will automatically restart your payments if you haven't already had them reinstated.

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The bottom line

One of the biggest myths about Social Security is that increasing your payments is easy. But as you can see, maximizing your Social Security benefit requires you to work more, earn more, or delay benefits you may need well before age 70.

While Social Security is a lifeline for seniors in the U.S., retirement is difficult when your benefit is your only source of income. That's why it's essential to invest for retirement as early as possible. But if you're behind on saving, then working longer and delaying benefits are two good strategies for maximizing your Social Security.

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