The amount a person collects from Social Security mainly depends on how much he earned per month when he worked.
It is important to keep a few things in mind when applying to get the full amount of benefits you are entitled to.
Reportedly, by 2021, 65 million Americans have collected Social Security payments each month, meaning more than a trillion dollars have been paid out.
Here are a few ways to increase your monthly Social Security benefits when it’s time to collect
Watch your age. Know when your retirement age is as it could be 66 or 67 for full retirement.
You can start collecting at age 62, but the longer you wait, the more money you will receive at full retirement age.
At full retirement around 67, the average is $1,500 per month. If you collected at 62, it would drop by 30% to $1,050 per month. If you waited until 70, the longest you can wait for it to stop, it would rise 24% from $1,500 to $1,860.
Collecting at 70 instead of 62 will give you $810 more per month.
Widows and widowers should remember that there are survivor benefits.
In certain situations, survivors’ benefits may be collected by parents, children, ex-spouses and other relatives who are financially dependent on a person’s benefit who has died.
The average survivor benefit is $1,249 per month.
If you are married or divorced, you may also be entitled if you have not worked.
To receive a divorce payment, you must not have remarried and the marriage must have lasted at least ten years.
Finally, you can suspend your Social Security benefits if you’ve been collecting for more than a year once you reach full retirement age.
The benefits will grow each month if suspended and can be restarted at any time up to age 70. If you wait until 70 years, it will restart automatically.
If you are in poor health, it may not be worth waiting, so you should weigh your options.
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