Social Security Benefits Increase by Over 25% – How to Receive Them in July

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If you receive Social Security benefits, there’s a way to increase your monthly check by more than 25%, even if you’ve already started receiving benefits. This can greatly help you as you get older and face higher medical expenses.

Why Timing Matters

The amount you get each month depends on many factors. One crucial factor is when you start getting benefits. If you start earlier, your monthly payment will be smaller. Waiting until you’re 70 years old can increase your benefits by 77% compared to starting at 62.


Regretting Early Claims?

Many people regret claiming benefits early when they realize they could get a larger check later in life. But there’s still a way to increase your benefits by up to 28%. Here’s how it works:

How Benefits Are Calculated

Your monthly benefit depends on:

  • Your total earnings over your career.
  • Your birth date, which determines your Full Retirement Age (FRA).
  • When you start claiming benefits.

The Social Security Administration (SSA) adjusts your earnings each year to keep up with the cost of living. They average your highest 35 years of earnings to find your Primary Insurance Amount (PIA). If you claim at your FRA, you get 100% of your PIA. For those born in 1960 or later, the FRA is 67.

Impact of Birth Year on Benefits

Here’s how much of your PIA you get based on when you were born and when you start claiming:

  • For someone born between 1943-1954, claiming at 70 can get you 132% of your PIA.
  • For someone born in 1960 or later, claiming at 70 can get you 124% of your PIA.

Boosting Your Benefits

Even if you started claiming early, you can still increase your benefits:

  • Suspend Benefits: At your FRA, you can stop getting benefits. This lets you earn delayed retirement credits, increasing your benefits by two-thirds of a percentage point each month you delay.
  • Automatic Resumption: If you don’t restart benefits before 70, they start automatically with the higher amount.

Considerations Before Suspending

Before you stop your benefits:

  • Dependents: No one on your record (except a divorced spouse) can get benefits during this time.
  • Medicare Premiums: If you suspend benefits, you’ll have to pay Part B premiums for Medicare out of your savings or other income.

By suspending your Social Security benefits and earning delayed retirement credits, you can boost your monthly income by up to 28%. This can give you more financial security later in life. Understanding how the SSA calculates benefits and when to claim them can help you make smart choices.


Can I increase my Social Security benefits after I’ve already started receiving them?

Yes, you can increase your benefits by suspending them at your Full Retirement Age (FRA) and earning delayed retirement credits.


What is Full Retirement Age (FRA)?

FRA is the age when you can receive 100% of your Social Security benefits based on your earnings history. It varies depending on your birth year.

How does delaying Social Security benefits increase my payments?

Delaying benefits after your FRA allows you to earn credits that increase your monthly payments.


What are the considerations before suspending my Social Security benefits?

Consider the impact on dependents and plan for Medicare premiums if you suspend benefits.

Why should I understand how the SSA calculates benefits?

Understanding this helps you make informed decisions about when to claim benefits to maximize your income.


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By Arnia
A Certified Public Accountant specializing in personal finance and taxation. Arnia engaging writing style and deep understanding of tax codes make her articles a must-read for individuals seeking to maximize their tax savings.
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