4. Get married
Husbands and wives have a few extra tricks up their sleeves when it comes to maxing out their Social Security benefits. That's because married folks can choose to receive Social Security benefits based on their own income or they can opt to receive a payout worth 50% of their spouse's benefit. Talk about wedded bliss.
If you're married and really want to make the most of Social Security, some financial experts recommend that the lower earner file for benefits at age 62. Then the main breadwinner can wait until he or she is 70 (or as late as possible) to earn the higher benefit amount. That means you can start that income stream today, but earn even more tomorrow.
5. Correct your early filing slip-up
Let's say you filed for Social Security at the age of 62, and you're kicking yourself for not waiting longer for the higher benefit. No biggie. Believe it or not, you actually have a second chance. You can simply file Social Security Form 521, the "request for withdrawal of application."
By submitting this form, you're essentially coming out of retirement. Of course, there's a catch. You'll have to pay back all the Social Security benefits you've received thus far.
If you can afford to do that, it's well worth the effort and expense. Once you file the form, you can wait and reapply for Social Security when you're older to receive the higher benefit. Voila. It's like that early filing blunder never happened.
Conclusion
While these five tricks can definitely help you boost your Social Security benefits, it's important to evaluate your unique situation before you put any of these strategies in motion. Discuss your options with a financial professional who can help you create a winning Social Security game plan.
This article was reported by Amy Bell for Investopedia.
