Do you want to know what your social security benefits will be and how they are calculated as you plan your retirement? You’re in the right place. There are a few strategies to boost your social security benefits. You may already be aware of one of these, which is to postpone your start date, but there are other ways to boost the benefits.
Before you consider these strategies, it is important to have a social security card in the first place. This card is mandatory for every US citizen. Without a social security card, you cannot enjoy the benefits of it.
Read: Easing into It: The Benefits of a Phased Retirement
Social Security Benefit Tips
Work More Years
Social Security benefits are computed based on the 35 years in which you worked and earned the greatest money. After that, the sum is adjusted for inflation, and your monthly benefits payments are determined. So, if this would be more than one of your lower-earning years, you could choose to work for a longer period to increase your payments.
Suspend the Benefits
If you’re already getting benefits, you can also boost your monthly payments by suspending them. The complete retirement age is 66 to 67 years old, so if you want to start receiving benefits sooner, you can still do so. However, be aware that it may have an impact on the income of those who are financially reliant on you and your benefits; for example, a husband or a minor child.
Delay the Application
If you apply for social security benefits between the earliest age possible, which is 62, and the full retirement age, which is 66 to 67, your return may improve, since delayed retirement might boost your payments by 8% every year. This, on the other hand, may be useful if you wait until you’re 70 to apply.
Earn More
Earning as much as you can, often known as “maxing out,” is another way to boost your monthly benefit payments. This indicates you make at least $132,900 per year, the maximum amount of income subject to the Social Security payroll tax. So, if you can maintain this level of productivity for the next 35 years, you’ll be entitled to the maximum amount of social benefits.
Divorced Spouses Benefits
If you’re divorced and haven’t remarried yet, you may still be eligible for spousal benefits depending on your ex-salary. This might be as much as half of your partner’s benefit when they reach full retirement age. If you remarry or are under the age of 62, however, you are not eligible for it.
How to Apply for a Social Security Card
To apply for social security benefits, you need a social security card. You must submit your birth certificate for this. If this not possible? You can use a US passport, a US hospital document, or a religious record of birth before age five. If you’re 12 or older, you must attend an interview. There are exceptions, and you might need other documentation to prove you lack a social security number.
As a US citizen, you must provide proof of citizenship to apply for a social security card. This could be a US birth certificate or any other proof of US birth, like a valid US passport. Other documents may also work as proof of US citizenship.
There are a limited number of documents that can be used to confirm your identification. It must be a current document with your full name, other identifying information like your date of birth or age, and a recent photograph. Accepted documents may include your US driver’s license or passport. If you don’t have these, you might be able to submit additional credentials, such as an employment or school ID card.