6 Ways to Boost Your Social Security Before You Claim

Retirement planning can be a daunting task, and one of the key factors to consider is Social Security benefits. However, simply claiming these benefits without a strategic approach could potentially be a mistake. Here are six steps you can take to potentially increase your Social Security benefits.

1. Work longer to raise lifetime earnings
   The Social Security Administration considers your 35 highest-earning years to determine your benefit amount. Working into your 50s and 60s can replace lower-earning years, potentially increasing your benefits.

2. Tap retirement savings accounts
   Delaying your Social Security benefits until age 70 can result in higher payouts. Many individuals use a "bridge strategy" by using retirement savings before claiming Social Security, allowing for increased lifetime income.

3. Increase your current income
   Higher income results in higher Social Security benefits. Consider getting a raise, finding a higher-paying job, or taking on a side gig to boost your future payouts.

4. Strategize with your spouse
   Planning with your spouse on when to claim benefits can be beneficial. Waiting until age 70 can maximize benefits, but if needed, the spouse with lower earnings can claim benefits first to provide financial support until the other spouse reaches 70.

5. Leverage catch-up contributions
   Individuals over 50 can make additional contributions to 401(k) and IRA accounts. By utilizing catch-up contributions and withdrawing from these accounts before claiming Social Security, you can allow your benefits to grow while living off your nest egg.

6. Check your Social Security record for errors
   Errors in your earnings history can lead to incorrect benefit calculations. Review your record on the Social Security website and report any discrepancies to ensure you receive the correct and potentially higher benefit amount.

   By following these steps and carefully planning your approach to Social Security benefits, you can potentially increase your lifetime income during retirement. Remember to consider your individual financial situation and consult with a financial advisor for personalized guidance.