3 Social Security Moves That Could Add Thousands to Your Lifetime Benefits
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If you want a lot more money out of Social Security, here's how to get it.Ideally, you'll be coming into retirement with some money you've saved on your own. But here's the scary thing. Even if you manage your retirement savings wisely and are careful with taking withdrawals from your IRA or 401(k), there's no guarantee that you won't outlive your money. Social Security, on the other hand, is guaranteed to pay you your monthly benefits for the rest of your life. So the more you're able to get out of those benefits, the more financially stable you might feel throughout retirement. Image source: Getty Images. The good news is that there are steps you can take to boost your Social Security benefits. Here are three key strategies to keep on your radar. 1. Boosting your income with a side job The more money you earn (up to a certain threshold), the larger your Social Security checks will be in retirement. But did you know that it's not just your salaried wages that count toward your future benefits? Any income you earn and pay taxes on counts toward Social Security. So if you're able to boost your wages with a side job, you could end up with a lot more money from Social Security down the line.Advertisement Plus, that extra income could help you max out your IRA or 401(k) year after year -- or get closer to being able to do that. So there's a double win. 2. Delaying your claim beyond full retirement age You're eligible for your monthly Social Security benefits without a reduction if you wait until full retirement age to claim them. That age is 67 for anyone born in or after 1960. However, for each year you hold off on claiming benefits past full retirement age, they get an 8% boost. And while that incentive runs out at age 70, it means you have an opportunity to score much larger monthly checks by waiting. Now one caveat is that delaying Social Security will also mean missing out on payments you could've gotten earlier. If you have health issues or suspect you won't live the longest life, this strategy may not be optimal for you. But if you think you'll live well into your 90s, then delaying your Social Security claim until age 70 could leave with much more lifetime income from the program. 3. Withdrawing an early claim you put in You're allowed to file for Social Security as early as age 62. But there's a huge drawback to doing so -- slashing your monthly benefits for life. If you already filed for benefits at 62 and regret it, don't despair. If you're within 12 months of that claim, you can exercise your do-over option.
All Social Security recipients can get one do-over in their lifetime. If you withdraw your application for benefits and repay the Social Security Administration all of the money you've received in benefits, you can file again at a later point in time, thereby locking in larger monthly payments. Set yourself up with more guaranteed income While it's definitely not a good idea to try to retire on Social Security alone, those benefits could end up being a big part of your senior income. So it pays to try to get as much money out of Social Security as possible. These strategies could boost your benefits not only on a monthly basis, but potentially a lifetime basis. So it's worth doing what you can to boost your income during your working years and delay your claim. And if you filed for Social Security early, know that if you act quickly enough, you may be able to undo that decision and lock in larger benefits for the rest of your retirement.About the AuthorMaurie Backman is a contributing Motley Fool retirement and Social Security expert with more than a decade of experience writing about personal finance, investing, and retirement planning. Maurie previously worked in finance analyzing distressed companies. She studied finance at Binghamton University.TMFBookNerdRead NextDec 14, 2025 •By Maurie Backman5 Retirement Changes Coming in 2026 That Every American Needs to Prepare ForDec 14, 2025 •By Dana GeorgeDo You Understand These 5 Critical Facts About Social Security COLAs?Dec 14, 2025 •By Dana GeorgeDo You Qualify for Spousal Social Security Benefits?Dec 14, 2025 •By Kailey Hagen, CFPImportant Social Security Numbers to Know if You Plan on Working While Claiming Benefits in 2026Dec 14, 2025 •By Maurie BackmanRetirees on Social Security Could Be in for a Huge Disappointment in 2026. Here's Why.Dec 14, 2025 •By Christy BieberThis Social Security Filing Tip Is Worth Real Money