Working longer can boost your Social Security benefits. The Social Security Administration uses your 35 highest-earning years to calculate payments. Since earnings typically rise with age and seniority, working into your 50s and 60s replaces lower-earning years from your career start, potentially raising your total benefit.
Delaying Social Security until age 70 increases your lifetime income. Many people use the "bridge strategy," withdrawing from retirement savings and investments before claiming Social Security. This lets you wait longer for benefits to grow.
Earning more income during your working years directly increases future Social Security payouts. A raise, higher-paying job, or side gig can boost what you receive later.
If you have a spouse, coordinate your claiming strategy. If both wait until age 70, you both receive the largest possible benefits. Alternatively, the spouse with lower lifetime earnings can claim first while the higher-earning spouse waits until 70 for a larger payout.
People over 50 can make catch-up contributions to 401(k)s and individual retirement accounts (IRAs). These additional contributions build a larger nest egg with tax-deferred growth. If you withdraw from these accounts before claiming Social Security, you can let your benefits grow further.
Check your Social Security record in your "My Social Security" account on the Social Security Administration website. The agency can make mistakes when calculating your benefit based on previous income. Finding errors may result in a higher benefit.