00:00For many Americans, Social Security is a foundational pillar of retirement income,
00:04but it's rarely enough on its own. As of May 2025, the average monthly benefit for retired
00:10workers is just over $2,000, a figure that highlights the importance of maximizing your
00:16checks. The good news is, there are clear strategies you can employ to boost your
00:20Social Security benefits and secure a more comfortable retirement. Your Social Security
00:25benefit calculation uses your 35 highest earning years. If you don't have a 35-year work history,
00:32years with no earnings are factored in as zeros, which will reduce your overall benefit.
00:37The Social Security Fairness Act has recently provided much-needed relief for nearly 3 million
00:42public sector retirees whose benefits were previously reduced by provisions like the windfall,
00:47elimination, provision, and government pension offset. These annual adjustments aim to help
00:53your benefits keep pace with inflation. For 2026, the Senior Citizens League estimates a 2.5%
01:01COLA, similar to 2025. While COLAs are crucial, the current calculation method using the CPIW
01:07has meant that Social Security benefits have lost 20% of their buying power since 2010.
01:14This underscores the need for a comprehensive financial planning that goes beyond Social Security
01:19alone. This means retired teachers, firefighters, and government workers are now receiving higher
01:25monthly payments, including retroactive checks. However, this positive change for some does add
01:31further strain to the overall Social Security system, accelerating the projected depletion of the
01:37trust funds to 2033, nine months sooner than previously estimated. This could lead to a 23%
01:44automatic benefit cut if Congress doesn't act, completing at least 35 years of work, and even
01:50working longer if your income is higher later in your career. Can replace those lower earning years
01:55or zero earning years with higher ones, leading to a more generous benefit. For instance, if you've
02:02already hit 35 years by your full retirement age and your current income is the highest it has ever been,
02:08working an extra year could replace a past learning year, boosting your benefits.
02:12First, grow your wages while you're working. Your Social Security benefit is primarily based on your
02:18earnings over your career. While you can start receiving Social Security as early as age 62,
02:24doing so results in a permanent reduction. Your full retirement age, which is 67 for those born in
02:301960 or later, is when you receive 100% of your earned benefit. But if you can afford to wait even
02:37longer, your benefits increase by 8% for each year you delay, up until age 70. That's a guaranteed return
02:44on your patients. While delaying means waiting for income and potentially working longer. For those with
02:51good health, it's a powerful way to significantly increase your monthly Social Security checks.
02:55The more you earn, up to the annual wage cap which is $176,100 this year, the larger your future benefits
03:04will be. Even small increases in salary, like a promotion or income from a side hustle, can
03:10significantly impact your monthly Social Security checks, down the line. It literally pays to invest in
03:16your career growth. Second, work for at least 35 years. Third, and perhaps most impactful, delay your
03:24claim past full retirement age. Beyond these individual strategies, let's touch on two important
03:30related points. Finally, a quick note on cost of living adjustments, or co-loss. By taking proactive
03:37steps to maximize your benefits and understanding the broader landscape of Social Security, you can
03:42significantly enhance your financial security and retirement. Money
Comentarios