Social Security is a guaranteed source of income. Once you claim benefits, you’ll have them for life and won’t need to worry about the income they provide coming to an end. Because cost of living adjustments provide periodic increases to help benefits keep pace with inflation, you also won’t have to worry about your buying power from these checks declining substantially over time.
Obviously, there are huge benefits to getting a big Social Security check — so taking steps to earn the largest possible amount of retirement income is smart. If you’re not sure how to do that, consider employing these strategies to ensure your checks can help bankroll your retirement.
1. Boost your average earnings as much as possible
Social Security has a benefits formula that’s designed to replace around 40% of pre-retirement income for most seniors.
The checks retirees will get are based on average wages during their 35 highest earning years. As a result, increased earnings lead to a larger payment. By working a part-time job or taking other steps to increase income, such as developing new job skills and negotiating your salary throughout your career, you can make a huge impact on how much money Social Security provides you.
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2. Delay your benefits claim