Maximize Your Social Security Benefits: Tips for Every Age Group

If your life seems to move at lightning speed, you're definitely living in the 21^st century. No matter how busy you are, though, it's a good idea to slow down enough to ensure your retirement plans are on track.

You've probably heard that the very best way to maximize Social Security benefits is to wait until age 70 to claim them. While waiting until 70 is typically a smart move, it doesn't work for everyone. In fact, the 2025 Schroders U.S. Retirement Survey found that only 10% of non-retired Americans intend to wait that long to claim benefits.

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In your 20s and 30s

The ideal time to begin planning for Social Security benefits is when you're young enough to feel as though it's light-years away. Here's why:

• You need work credits: If you're not raking in the cash, you may resent paying Social Security taxes. The thing is, you need to earn a certain number of work credits (generally 40) to qualify for Social Security benefits. You can get a maximum of four per year, so the earlier you begin paying Social Security taxes, the sooner you'll reach the work credit requirement.
• You have time to learn: The more you know about how Social Security works, the easier it will be to navigate Social Security when your time comes.
• You control your records: Each year, the Social Security Administration (SSA) records how much you've earned, based on your tax return. And it's those earnings that determine how much your benefits will be. Create a my Social Security account on the SSA's website and regularly check it to ensure it shows your annual income correctly.

In your 40s

• Increase your earnings: The higher your lifetime earnings, the higher your Social Security benefits. Your 40s are a good time to seek a promotion, change jobs, or gain additional training to boost your salary.
• Check in on your retirement account: If you're not contributing to a retirement account like a 401(k) or IRA, now is the time to double down on building that important source of retirement income.

In your 50s

• Create a post-retirement budget: Now is a great time to create a budget that simulates what your real budget may look like when you're retired. You won't get it 100% right, but this budget can help you determine whether you're on track. Add all sources of expected income, including Social Security, pensions, annuities, and how much you plan to withdraw from your retirement plan each month. Next, subtract your expected monthly expenses to get a sense of whether there's anything you need to tweak.
• Learn more about spousal benefits: If you're married and one of you earns considerably more than the other, get to know how spousal benefits work and how they can enhance your total Social Security payout.

In your 60s

• Decide if you can wait until 70: Be realistic about your health and potential longevity. If you're in poor health and/or your family has a history of dying young, you may want to take Social Security before 70. If that's the case, create a budget that accounts for a lower monthly benefit.
• Meet with a financial advisor: A financial or retirement advisor can help you determine where you stand and offer tips for playing catch-up if you need to.

The earlier you begin to plan for retirement, the smoother your finances are likely to be.

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