Want a bigger Social Security benefit? Increasing the amount of money your retirement checks offer can be a smart financial move since they’ll probably be a primary income source along with your savings.
But is it possible to raise your Social Security benefit? The answer is yes, though it may require some sacrifice on your part. Here are three key steps you’ll need to take if you want bigger checks.
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1. Maximize your average wages
Social Security is designed to replace around 40% of pre-retirement wages. To make sure your benefits are comparable to the amount you earned — and paid into the system — the Social Security Administration keeps track of your wages over your career.
The SSA then adjusts each year’s earnings to account for wage growth and calculates your Average Indexed Monthly Earnings (AIME) during the 35 years your earnings were highest. Your benefits ultimately equal a specific percentage of your AIME.
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A higher AIME means a larger Social Security benefit. You can raise your …….
