If you have not filed for Social Security retirement benefits yet, you may still be in time to increase your future monthly payments in the United States. The first thing to take into account is your wage. Bear in mind that the higher your wage is, the higher your retirement benefit payment will be when you file. High earners benefit from the largest payments.
However, these wages must pay taxes to the Social Security Administration. If your jobs are not covered by SSA, you may get a pension, but not benefits from SSA. Hence, you’d better make sure you pay enough taxes and that your employer pays the right amount.
Does filing age affect your Social Security payments in retirement?
As a matter of fact, it does matter. The older you file for retirement benefits, the higher your checks will be until you are 70 years old. Once you turn 70, your retirement benefits stop growing.
For your information, if you are 62 years old and you file at that age, your benefits will be reduced by 30%. That is the reason why you should ensure you can afford to file at 62.
Waiting until you reach the Full Retirement Age is the best idea if what you want is get 100% of the benefits. It is true that you will get no extra money, but no reductions either.
How many years have you worked for to get Social Security?
Even if you may just need 10 years to get retirement benefit payments at 62, it will not be enough to get a large payment. Therefore, it is crucial that you work for at least 35 years in well-paid jobs.
Another simple way to boost your monthly payments is to apply for spousal benefits. In this way, Social Security can supplement your spouse’s benefit, or yours, so your household will get more money.
Summing up, to get $5,108 in 2025 you must:
- file at 70
- have jobs covered by SSA
- work for 35 years
- earn the taxable maximum all those years
- claim spousal benefits
