But those monthly checks can certainly make your golden years more comfortable.
Deciding when to take Social Security is a complicated piece ofretirement planning.
If youre in the latter camp, well discuss some strategies for how to maximize yourSocial Security benefits.
If you need a way to make easy money, check out some of our favorite ways below.
Any strategy that will boost your benefit boils down to: Work longer.
Wait as long as possible.
The 2024 Social Security COLA was 3.2%.
The 2023 adjustment was higher at 8.4%, but because of soaring inflation.
Here are seven other smart tips if youre wondering how to maximize social security without relying on COLA.
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1.Work at least 35 years.
You typically need the equivalent of 10 years of full-time work to qualify for Social Security.
But youll get the highest benefit if you stay on the job for at least 35 years.
Social Security uses your 35 highest earning years to calculate your benefit.
We get it: If only you could snap your fingers andsuddenly make more money.
But were just explaining the rules here.
Theres a limit, though.
Social Security has an earnings cap.
Money that you make above that amount isnt taxed, and it also doesnt affect your future benefits.
In 2025, Social Security taxes only the first $176,100.
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If youre looking to boost your income this month, weve got just the thing for you.
Report all your earnings.
You could reduce the amount of Social Security you get later on.
Wait as long as you’ve got the option to to take benefits.
Full retirement age is the age when you qualify for 100% of your benefit.
For most workers, its between 66 and 67, depending on when you were born.
you’re able to take benefitsas early as age 62.
But every year you claim before your full retirement age reduces your benefit by 6.66%.
Once you reach full retirement age, you’re free to also wait even longer.
Youll get an extra 8% delayed retirement credit for each year until you hit 70.
At that point, delayed retirement credits stop.
Avoid taking benefits early if youre still working.
That means you could recoup all the money Social Security withheld if you live long enough.
When you hit full retirement age, your earnings wont affect your benefits.
Marry someone who qualifies for a bigger benefit.
(No, you wont affect their benefits.)
However, you cant earn those 8% credits by waiting past your own full retirement age to claim.
Stop your benefits if you claimed them too soon.
If you claim your benefits and then regret it, you better act fast.
Social Security lets you withdraw your system if its been less than 12 months since you started your benefits.
Youll have to repay everything you received, including taxes and Medicare premiums that were withheld.
Youll be able to restart them for a higher amount whenever you want.
Social Security will automatically resume your payments once youre 70.
Can You Get the Maximum Social Security Benefit?
The maximum Social Security benefit in 2025 is $5,108.
But very few people will actually get that amount.
Most people will have to make do with much less than the maximum benefit.
The less you might rely on Social Security, the more comfortable youll be.
Robin Hartill is a certified financial planner and a senior writerat The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
