Many retirees believe that once they start receiving Social Security benefits, their monthly payments are locked in place, with the only potential increase coming from the annual cost-of-living adjustment (COLA). However, there are several ways to boost your Social Security payments even after you’ve begun collecting them.

By making strategic financial moves, you can increase your retirement income and secure a more comfortable future. Here are three key methods to enhance your Social Security benefits beyond the standard COLA adjustments.

1. Continue Working to Replace Lower-Earning Years

Social Security benefits are calculated based on your highest 35 years of earnings. If you have any years with low or no income on your record, those years could be dragging down your benefit amount.

By continuing to work—even after you’ve started receiving benefits—you have the opportunity to replace lower-earning years with higher earnings, which could result in a permanent increase in your monthly Social Security check.

The Social Security Administration (SSA) automatically recalculates your benefits each year, factoring in any new earnings. If your latest income is higher than one of your lower-earning years in the past, your monthly benefit will increase accordingly.

This strategy is especially useful for those who may have spent part of their career out of the workforce or working lower-paying jobs before earning more later in life.

For those who start collecting benefits before reaching full retirement age (FRA), Social Security imposes an earnings limit that can temporarily reduce payments. However, once you reach FRA, those reductions are recalculated, and your benefits are adjusted accordingly, ensuring you receive credit for the withheld amounts in the future.

2. Suspend Benefits to Earn Delayed Retirement Credits

If you have already started collecting Social Security benefits but later decide you want to increase your payments, one option is to voluntarily suspend benefits once you reach full retirement age. By doing this, you can earn delayed retirement credits, which increase your benefit by 8% for every year you delay up to age 70.

For example, if you began collecting at age 66 but suspend your benefits, you could see an increase of up to 32% by the time you restart them at age 70. This strategy is ideal for retirees who can afford to pause benefits for a few years, either because they have other sources of income or because they plan to continue working.

Suspending benefits also has implications for spousal benefits. If your spouse is receiving benefits based on your work record, their payments will also be suspended during this time. It’s essential to consider this before making any decisions about suspending your benefits.

3. Maximize Spousal and Survivor Benefits

If you are married, divorced, or widowed, you may be eligible for higher Social Security benefits by switching to spousal or survivor benefits. Many retirees overlook this opportunity, but it can significantly impact total retirement income.

• Spousal Benefits: If your spouse has a higher Social Security benefit than you, you may be eligible to receive up to 50% of their benefit amount instead of your own. Even if you’re already receiving benefits, switching to a spousal benefit could result in a higher monthly payment.
• Divorced Spousal Benefits: If you were married for at least 10 years and are now divorced, you can claim Social Security benefits based on your ex-spouse’s earnings record if their benefit amount is higher than yours. This does not impact your ex-spouse’s benefits.
• Survivor Benefits: If your spouse has passed away, you may qualify for their full Social Security benefit if it is higher than what you currently receive. Survivors can claim benefits as early as age 60 (or 50 if disabled), though the amount will be reduced if taken before full retirement age.

If you are already collecting Social Security, you can still switch to a spousal or survivor benefit if it results in a larger check. It’s worth reviewing your eligibility and comparing your options to maximize your payments.

Other Ways to Optimize Social Security Benefits

Beyond these three primary strategies, there are additional ways retirees can enhance their Social Security payments:

• Consider Withdrawing Your Application: If you regret claiming Social Security early, you have up to 12 months from the start date to withdraw your application and repay all the benefits received. This allows you to reapply later for a higher benefit amount.
• Avoid Unnecessary Taxes on Social Security: Depending on your overall income, Social Security benefits may be taxed. Managing withdrawals from retirement accounts strategically can help reduce taxable income and maximize the amount you keep.
• Coordinate Benefits With Your Spouse: Couples should carefully plan their Social Security claims to maximize overall household income. Sometimes, one spouse delaying their claim while the other takes benefits can result in higher total lifetime benefits.

Final Thoughts: Make the Most of Your Social Security

While Social Security benefits are primarily determined by your earnings history and when you start collecting, there are still ways to increase your monthly check even after you’ve applied. Continuing to work, voluntarily suspending benefits, and maximizing spousal or survivor benefits are three powerful strategies to consider.

Making informed decisions about Social Security can have a lasting impact on your retirement income. If you’re unsure which option is best for you, consulting with a financial planner or contacting the Social Security Administration can help clarify your choices. For more information, visit the Social Security Administration’s official website.

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