How to Score an Extra $1,830 per Social Security Check

Social security is an important source of income for many seniors. And if you expect to be heavily dependent on your achievements in retirement, it’s worth doing whatever you can to increase them.

In fact, a strategic move on your part could result in a more generous Social Security benefit. But whether that’s the right way is another matter.

Are you ready to wait?

When it comes to applying for Social Security, you have a choice of filing age. You can register as early as age 62 or defer your submission until age 70. (Technically, you can wait past age 70, but there’s no financial benefit to doing so.)

The highest Social Security benefit you can get this year is $4,194 per month. But that’s assuming you’ve put off your filing until the age of 70.

If you’re eligible for the maximum monthly Social Security payday but don’t qualify for benefits until age 62, you’ll only get $2,364 a month. All told, there is a $1,830 difference between the two.

Therefore, your ticket to a higher monthly Social Security benefit could be nothing more than a late claim. But that doesn’t automatically mean that signing up for welfare at age 70 is the best option.

For one, you may want to retire earlier because you have a job that not only makes you miserable but also has a negative impact on your health. Delaying your Social Security filing could mean condemning yourself to sticking with that job — even if it results in unfavorable health consequences.

Speaking of health, if your health is poor, late filing with Social Security can increase your benefits on a monthly basis. But it won’t necessarily boost them to an A lifespan Base.

If you have reason to believe you won’t live that long, the general convention is that it’s best to sign up for benefits early, not the late side. That way, you’re more likely to get more Social Security money in your lifetime.

Should you aim for a higher Social Security benefit?

If you don’t mind working until age 70, and you have reason to believe you’ll live a fairly long life, then it could pay off very well to keep Social Security on until age 70 apply for. In fact, it has the potential to make you $1,830 richer a month during your retirement.

But before you go that route, consider whether deferred filing makes sense. You may decide that your health isn’t worth the extra cash in retirement. Or you may find that your nest egg is in better shape than you think, so you’d rather claim Social Security sooner so you can finish your career and pursue all those hobbies and goals you’ve been putting off in your demanding work schedule.

The benefit of a higher Social Security benefit is that you get that bigger payday on a monthly basis for life. But that doesn’t automatically mean there aren’t other filing options that will work well for you.