Did you know there is a way to get an Increase in Social Security checks by $1,033 per month? Various retired seniors in the country get benefits of Social Security as a monthly payment. This financial assistance provides help in individuals’ daily lives. The Social Security benefits act as a retirement income for a big portion of the eligible beneficiaries.
This is one of the main reasons, individuals should try to maximize their social security benefits. With the help of a single step, beneficiaries can get benefits Increase in Social Security Benefits by $1,033 per month for the rest of their lives. Interested readers who want to get retirement benefits and are looking forward to applying for the same soon can learn more about this strategy from the following article.
Increase in Social Security checks by $1,033 per month
As of March 2024, retired beneficiaries get an average monthly payment of Social Security of $1,913.31. One of the biggest decisions which a beneficiary takes is to select the time of claiming the Social Security. It will highly affect the amount of Social Security benefits. Compared to requesting at the beneficiaries’ full retirement age (FRA), their monthly checks will be around 30% less if they decide to get Social Security at 62 years old which is the earliest age at which an eligible person can apply for benefits.
On the other hand, individuals are allowed to postpone the benefits of Social Security checks after FRA. Along with this, eligible ones will also be able to work until they are 70 years old, which will automatically offer them a monthly payment increase of up to 8%. Let’s understand it better with an example.
Suppose, a person qualifies for the average monthly payout of Social Security of $1,913.31 with an FRA of 67 years old. If that person claims the same benefit at the age of 62, their benefits amount will be only $1,339.32. However, if the same person waited until the age of 70 years old to get Social Security Checks, they can get $2,372.50 monthly. In the end, getting Social Security at age 70 instead of 62 years old will give the beneficiary an extra $1,033 monthly income during retirement.
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Should all beneficiaries delay their Social Security Benefits until they reach 70?
Although delaying gives more profit to eligible beneficiaries of Social Security, it is not something everyone should opt for. Individuals who have reached the age where they are suffering from bad health and it is unlikely for them to live a long life must claim the benefits earlier as it will help them with the cost of hospital bills and more financially. In addition, claiming the benefits at 62 will be a good option for people who want to get additional income to start a business.
Individuals who already have a large savings account and cannot work anymore can get early Social Security Checks. However, one must note that there are times when delaying the benefits makes perfect sense. Some people have not saved much for their retirement. Therefore, getting early payment is the best choice. For example, an extra $1,000 and a charge per month from Social Security will be helpful for individuals if they could only safely withdraw $400 or $500 from the 401(k) or IRA.
Similarly, getting Social Security Checks later in life will give them an increase in Social Security checks if they are healthy. Apart from this, the longer a person lives, the more likely they are to outlive their savings. But, getting additional Social Security benefits could reduce that risk.
How to apply for an Increase in Social Security checks?
The following are the steps to get the benefits of the Social Security Checks:
- Start the process by searching the official website of the Social Security Administration i.e., https://www.ssa.gov/
- Once, the home page appears on the screen, go to the Apply section.
- Under that, find and click the Apply for Benefits option and a new page will open.
- Provide the necessary details on a new page and get access to the application form.
- Enter all details in the application form carefully and the necessary documents as well.
- Go through the whole form and submit it to complete the process.
Frequently Asked Questions
Will everyone get the Increase in Social Security checks?
The increment in the Social Security Checks will only be offered to individuals who will decide to start their Social Security checks later than the FRA.
How will beneficiaries get the Social Security Checks?
Eligible ones will get the Social Security Checks through direct bank transfer.
