How to Boost Your Social Security Check by $700 a Month

By Elena Cordelia

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For many retirees, receiving a monthly Social Security check is a source of comfort and financial stability. The Social Security Administration (SSA) calculates these benefits, and there are ways to increase the monthly amount. One little-known method can help retired Americans earn more than $700 extra per month. Let’s explore how to maximize your Social Security benefits.

Understanding Social Security Benefits

Importance of Social Security for Retirees

A study by Gallup in 2024 showed that 88% of current retirees rely on their Social Security checks, with 60% using it as their primary income source. Even with other savings, optimizing Social Security benefits is crucial for a secure retirement.


The Key Decision: When to Retire

One of the most important decisions for your future Social Security benefits is choosing when to start collecting them. Your monthly payment depends on your age when you claim, and this amount, except for annual adjustments, is fixed once you file.

Claiming at your full retirement age (67 for those born in 1960 or later) gives you the full benefit based on your work history. Waiting until age 70 increases your benefit even more.


How Age Affects Social Security Benefits

Benefits of Delaying Retirement

If you claim benefits at age 62, your monthly payment can be up to 30% less. However, if you wait until 70, you get a bonus of at least 24% each month on top of your full benefit.

For example, the average retired worker receives about $1,298 per month at age 62, but by age 70, this increases to around $2,038 per month, a difference of $740.


Deciding When to Claim Benefits

Deciding when to claim Social Security benefits depends on your financial situation and health. If you have enough savings and want to maximize your income, waiting until age 70 is beneficial.

But if you have health concerns or financial needs, claiming earlier might be better. Early filing can help you receive benefits sooner, especially if you don’t expect to live into your 70s.


Maximizing Benefits: Personal Considerations

Early vs. Delayed Filing

Filing early can be advantageous if you have health issues or need the income sooner. It can also be a good strategy if your spouse qualifies for benefits and you want to supplement your retirement income without making financial sacrifices.

However, delaying benefits can increase your monthly income significantly, making your retirement more comfortable.


Making the Best Decision

Choosing when to claim Social Security is a personal decision influenced by various factors, including health, financial needs, and life expectancy. Understanding these factors and how they affect your benefits can help you make the best choice for your retirement.


Maximizing Social Security benefits is essential for a secure and comfortable retirement. By understanding the impact of your retirement age on your benefits, you can make informed decisions to increase your monthly income.


Whether you choose to claim early or delay your benefits, planning ahead can help you enjoy your golden years with financial peace of mind.

What percentage of retirees rely on Social Security benefits?

About 88% of retirees rely on Social Security, with 60% using it as their primary income source.


How much can delaying Social Security benefits increase my monthly income?

Delaying benefits until age 70 can increase your monthly income by hundreds of dollars, up to $740 more per month compared to claiming at age 62.

What is the full retirement age for people born in 1960 or later?

The full retirement age is 67 for those born in 1960 or later.


Why might someone choose to claim Social Security benefits early?

Early claims can be beneficial if you have health concerns or immediate financial needs, or if you don’t expect to live into your 70s.

How can waiting until age 70 affect my Social Security benefits?

Waiting until age 70 can give you a bonus of at least 24% each month on top of your full benefit, significantly increasing your monthly income.


Disclaimer- We are committed to fair and transparent journalism. Our Journalists verify all details before publishing any news. For any issues with our content, please contact us via email. 

Elena Cordelia

Elena is a seasoned tax consultant with a decade of expertise in income tax management. Graduating with top honors in Finance, she embarked on a career journey focused on simplifying tax complexities. Elena's insightful articles on provide practical guidance to taxpayers.

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