5 Easy Ways to Boost Your Social Security Benefits

I have some good news and some bad news for you regarding Social Security. First, the bad: The average monthly Social Security benefit for retired workers was only $2,079 as of March. On an annual basis, that's just $25,000 or so. But here's the good news: If you earned more than average in your working life, your benefits will be above average, too. And better still, there are several ways to beef up your benefits even more.

Here's a look at several such ways. Acting on one or more may get you more in Social Security benefits over your life.

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1. Work longer

The Social Security Administration (SSA) enters your earnings from the 35 years in which you earned the most (adjusted for inflation) into its formula that determines your benefits. So if you've only worked, say, 31 years, there will be four zeroes factored in. Ideally, you'll want to have at least 35 years of earnings. Better still, once you have those 35, if you're earning more than you have in the past (adjusted for inflation), each additional year that you work will kick out your lowest-earning year, boosting your benefits.

2. Delay collecting your benefits until age 70

You can start collecting your benefits as early as age 62, but the longer you delay doing so (until age 70), the bigger your checks will get. Various studies have found that for most (but not all!) people, delaying claiming until age 70 will result in the most total benefits.

3. Earn more

This is easier said than done, of course, but the more you earn, the bigger your benefits will be. So think about how you might earn more. Maybe simply ask for a raise. Or take on a side job for a few years. Or maybe even earn a new certification or degree to help you get a better job -- or even a new, more lucrative career.

4. Check your Social Security work record for errors

If you haven't yet set up a my Social Security account, you should do so. Once you do, you can click in any time to see the SSA's record of your earnings history and its estimates of your future benefits. If you spot and correct any errors regarding your earnings, you may end up increasing your future benefits. Note, too, that if you don't set up that account (even if you're not retiring soon), some scammer might do so in order to try to steal your benefits.

5. Coordinate with your spouse

If you're married, decide on a claiming strategy with your spouse. For example, the higher earner between the two of you might plan to delay collecting as long as possible in order to maximize those checks. The lower earner can also try to delay as long as possible, but if you need some income sooner, that benefit can be claimed. This way, when one spouse dies, the survivor, who gets to collect the larger benefit, will be getting a maximized one.

Spend a little time learning more about Social Security, and you may end up collecting more than you expected.

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