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Ways to Increase Your Social Security Benefit - The U.S. Sun
The cost-of-living adjustment (COLA) is not the only way to increase your Social Security benefit. In fact, a COLA increase is not even guaranteed. In 2009, 2010, and 2015, there wasn’t an increase. The good news is that if inflation falls below the last COLA, it will never reduce your Social Security benefit.
The easiest way to increase your Social Security benefit is to delay taking it as long as possible, but no longer than the age of 70, when it stops growing. Once you reach your full retirement age (FRA), your benefit starts growing 8% each year you delay.
Your Social Security benefits are based on your highest 35 years of earnings, and if you don’t have 35 years, Social Security adds zeros to make 35 years. You guessed it, that reduces the amount of your benefit. If you don’t have 35 years of earnings, you may want to consider working longer and fill them in to increase your benefit.
Jacob Willeford has written an article about options for increasing your Social Security benefits. Read his full article here ….
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