3 Ways to Squeeze More Money Out of Social Security in 2026

Whether you've been on Social Security for years or you're just gearing up to apply, you'd probably like the largest benefits you can get. The amount you receive isn't completely within your control, but the IRS does offer several strategies you can use to increase your checks. These often require trade-offs in the short term, though.

Whether you're working, claiming benefits, or both, one of these three strategies could be your ticket to a larger lifetime benefit. Just make sure to weigh the pros and cons of each option before making any changes to your retirement budget.

Image source: Getty Images.

1. Delay your Social Security application if you haven't signed up yet

A great strategy for those who haven't applied for Social Security benefits yet is to delay your application by a few months, or even a year or two. Every month you wait to apply permanently increases the size of your checks. This continues until you qualify for your maximum benefit at 70.

The rate of benefit increase also picks up over time. In the first year or two after you become eligible for benefits at 62, your checks only grow by five-twelfths of 1% per month, or 5% per year. This gradually picks up to five-ninths of 1% per month, or 6.67% per year, and eventually reaches two-thirds of 1% per month, or 8% per year.

Say you're turning 62 in 2026, and you could qualify for a $2,000 monthly benefit at that time. Delaying until 70 would bump your checks to $3,543 per month -- a $1,543 increase. That said, you'll need to find a way to cover eight more years of living expenses on your own. That might not be feasible if you lack personal savings or a steady income.

It might also not be the wisest move if you have a short life expectancy. If you delay benefits until 70 and then die at 72, you'll wind up with a much smaller lifetime benefit than you would have if you began claiming at 62. That's why those who know they'll have short life expectancies are often better off claiming earlier.

You can also claim somewhere in the middle. Perhaps you can't afford to delay your checks until 70, but you can wait until 65 or even 62 1/2. The benefit increase would be less, but it would still be noticeable, and you'd reap the rewards for the rest of your life.

2. Watch your earnings if you're working and claiming Social Security early

The Social Security Administration assigns everyone a full retirement age (FRA) based on their birth year. Most workers today (born after 1960) have an FRA of 67. Claiming under this age is considered early, and it puts you at risk of losing money to the earnings test.

The earnings test withholds money from your checks if you earn more than a certain amount from your job in a given year and you're under your FRA at the time. In 2026, you'll lose $1 for every $2 you earn over $24,480 if you're under your FRA all year. If you'll reach your FRA next year, you lose $1 for every $3 if you earn over $65,160 before your birth month. These limits are up from $23,400 and $62,160, respectively, in 2025.

Keeping your income under these limits is the only way to avoid losing money to the earnings test. But you may not have the option to decrease your hours. Alternatively, you may not be able to afford to pay your bills if you work fewer hours.

In that case, you should know that the money withheld due to the earnings test will come back to you as a permanent benefit boost when you reach your FRA. How much more you'll get will depend on how much the Social Security Administration kept back from you in past years.

3. Withdraw your Social Security application, or suspend benefits

If you've signed up for Social Security within the last year, you can withdraw your benefit application. To do this, you'll need to notify the Social Security Administration that you no longer wish to receive checks and pay back any benefits that you or any family members claiming on your work record have already received.

This is obviously a tall order if you've already spent the money. So you may have to fall back on suspending your benefits when you reach your FRA if you hope to grow your monthly checks.

You don't have to pay back anything you've already received, and you're free to restart benefits whenever you'd like. For every month you don't receive checks, your benefit will grow by two-thirds of 1%. If you don't request that your checks start sooner, the Social Security Administration will begin them again when you turn 70.

Should you decide to do this, you'll need a plan for covering your living expenses during the months you're not receiving checks. Again, this could include falling back on personal savings or working at least part-time.

If you have any questions about how these moves could affect your Social Security benefits, contact the Social Security Administration for personalized advice. You can do this by phone or by scheduling an appointment at your local Social Security office.

The Motley Fool has a disclosure policy.