Social Security: Ways to Get $ 100 More in Benefits

Inflation has caused the value of money to decline, resulting in social security and pensions being worth even less.

a social security card with cash representing benefits

Social security is sent to the elderly on a monthly basis, as well as to people with disabilities and people on low incomes.

97% of Americans will reap the benefits by the time they reach full retirement age.

Each year the amount is adjusted to keep pace with inflation, but this year the COLA increase is 5.9% and inflation rates exceed 8%.

There are three ways you can work to make sure you get as much money as possible when you seek social security benefits

You can start by increasing your salary if possible.

Your benefits are based on your 35 years of maximum earnings.

Benefits are designed to cover only 40% of your previous income.

How is SSI different from social security disability?

You can increase your annual income by doing side jobs, working overtime or getting a raise.

Another way to benefit is to work for more than 35 years.

If you worked for 40 years, but you started with a lower salary for the first 5 years, it would not lower your average.

These later years higher earnings would replace those years.

Social Security: How to know what benefits you can get

Finally, the amount you will receive depends largely on the age at which you retire.

If you retire as soon as possible at age 62, you could see as much as a 30% reduction in monthly benefits.

If you retire at full retirement age, you will see 100% of your benefits.

Retirement at age 70 will bring you up to 8% more for each year between your full retirement age and 70.

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