Social Security retirement benefits may have different amounts. Thus, you should check that you are aware of all the things that could boost it. First of all, you should learn what delayed retirement credits are. Because knowing how they work could mean getting up to 24% more in your future Social Security benefit.
Delayed retirement credits are basically compensation for postponing your retirement check. Social Security will provide you with this credit the month you reach Full Retirement Age (FRA). This age depends on the year of your birthdate. If it was in 1960 or later, your FRA is 67. Then you can collect 100% of your check.
Therefore, putting your retirement off for just one month will mean getting more money. So, delay your retirement as much as possible to get a larger Social Security benefit. Getting an 8% extra per year up to 24% in three years’ time is possible. However, do not retire later than 70 since it is not worth doing so.
Social Security uses your work history to calculate your retirement benefit
In fact, it is necessary that you work for at least 35 years to collect the maximum Social Security retirement benefit. Otherwise, your check amount will start to decrease for every year below 35. Bear in mind that SSA takes into account the top 35 years with the highest earnings. What if you have worked for 34 years?
In this case, your earnings are zero for 1 year. That will start making your Social Security retirement benefit smaller. Perhaps, in your first years of work, you had low earnings. This small amount will also affect future benefits. Consequently, you should try to achieve the highest salary possible for at least 35 years.
Two more simple ways to make your retirement benefit grow
According to Social Security, when there is a worker that claims retirement benefits, their husband or wife may qualify to collect a check. This check is based on the earnings of the worker that has just retired. This is only possible if the spouse is at least 62 years old. Or having to look after a child that qualifies is fine too.
It is the case of a child that is younger than 16 years old and beneficiary of Social Security disability benefits. Another simple thing to boost your income during retirement is to keep track of all the earnings you have got. Some people have found out that there is something wrong with their earnings history, but it was too late.
Social Security allows workers to report errors on their earnings records. If you do not do so, they base your benefit on those records, so you may get less money. Remember that you cannot modify it if you report it later than 3 years, three months, and 15 days. It might seem long enough, but only if you get used to checking it every single year. Get your Social Security Statement now. To sum up, delay retirement until 70, work for 35 years, get high wages, claim spousal benefits, and check your earnings records.