How to get extra money from social security

Social security is a vital source of income for many retirees, but it may not be enough to cover all your expenses and maintain your standard of living. 

Fortunately, there are some ways to increase your social security benefits and get extra money every month. Here are some of the options you can consider:

Get extra social security benefits by delay

One of the simplest ways to get extra money from social security is to delay claiming your benefits until after your full retirement age (FRA), which is between 66 and 67 depending on your year of birth. 

For every year you delay, your benefits will increase by 8% until you reach age 70. This means that if your FRA is 66 and you wait until 70 to claim, you will get 32% more in monthly benefits. For example, if your benefit at 66 is $1,500, it will be $1,980 at 70.

Work longer or earn more

Another way to get extra money from social security is to work longer or earn more before you claim your benefits. Your benefits are based on your 35 highest-earning years of work, adjusted for inflation. If you work beyond your FRA or increase your income in your later years, you can replace some of your lower-earning years and boost your benefit amount. 

For example, if you earned $40,000 in 2023 and $50,000 in 2024, your benefit will be higher if you claim in 2024 than in 2023.

Claim spousal or survivor benefits

If you are married, divorced, or widowed, you may be eligible for spousal or survivor benefits based on your partner’s work record. 

Spousal benefits can provide you with up to 50% of your partner’s benefit amount at their FRA, while survivor benefits can provide you with up to 100% of their benefit amount at their FRA.

You can claim these benefits as early as age 62, but they will be reduced if you claim before your FRA. You can also switch between different types of benefits to maximise your income. For example, you can claim spousal benefits at 62 and switch to your own benefits at 70.

Support legislation that increases benefits

A final way to get extra money from social security is to support legislation that aims to increase benefits for current and future beneficiaries. One such bill is the Social Security Expansion Act, which was introduced in June 2022 by Senator Bernie Sanders and Representative Peter DeFazio. 

The bill would boost each recipient’s monthly check by $200, change the formula for calculating COLA to better reflect inflation, raise the minimum benefit for low-income workers, and extend the solvency of the programme by applying the payroll tax on income above $250,000.

These are some of the ways you can get extra money from social security and improve your financial security in retirement.

You should consult a financial planner or a social security expert to help you decide which option is best for you. You can also visit the website of the Social Security Administration or call the toll-free number 1-800-772-1213 for more information and assistance.