Personal Finance

This Could Be the Easiest Way to Boost Your Social Security

Maurie Backman

Published: March 12, 2025 12:05 pm

The typical retired worker on Social Security today collects about $1,979 a month, or a little less than $24,000 a year. That’s a nice amount of money when combined with other income sources.

But you may not be happy collecting $24,000 a year in Social Security, or however much you’re entitled to based on your specific earnings history. And the good news is, you don’t necessarily have to settle for the monthly benefit you’re entitled to at full retirement age (FRA).

Social Security makes it very easy to boost your monthly paychecks. You just need to understand the rules.

A decision that could pay off big time

Your monthly Social Security benefits will be available to you once you turn 62. But if you want more money each month, then you’ll need to sit tight.

The longer you wait to claim Social Security, up until age 70, the more money the program will pay you. So not only does it make sense to wait until FRA arrives to take benefits, but it could pay to delay your claim past FRA and sign up in conjunction with turning 70.

For each year you delay Social Security past FRA, your monthly benefits get an 8% boost. So if your FRA is 67, which is the case if you were born in 1960 or later, you’re talking about collecting 24% more by waiting three years.

Now, let’s say you’re eligible for $1,979 a month in Social Security like the typical retiree today. With a 24% boost, that benefit becomes $2,454 a month instead. You’re also looking at an extra $475 a month, or $5,700 per year, of income to enjoy.

Of course, it’s important to recognize that it doesn’t always make sense to delay Social Security. If you’re in poor health and don’t expect to live a long life, you may actually want to take benefits as soon as you’re able to in order to maximize your lifetime Social Security income.

But if you’re low on savings, or you’re worried about running out of retirement savings in your lifetime, then delaying your Social Security claim is a smart move.

However, if you’re going to delay Social Security, be sure to sign up by your 70^th birthday. You won’t get credit for waiting any longer than that, so all you’ll do is deny yourself income you’d otherwise be eligible to collect.

Talk to a professional for guidance

The decision to claim Social Security is a big one in the context of your retirement, and there are so many factors that need to go into it. For this reason, it’s a good idea to consult a qualified financial advisor for guidance on when to sign up for benefits.

An advisor can review your savings, expenses, goals, and life expectancy to help you arrive at a smart decision. And that decision may or may not involve you delaying your Social Security claim. But it’s good to have someone experienced weighing on in that decision either way.

Another person to involve in that discussion? If you’re married, your spouse. The age you sign up for Social Security at could end up impacting your spouse, so it’s best to loop them in as well.