Social Security beneficiaries could increase thousands of dollars in lifetime benefits with 3 moves

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A new report highlights three key strategies that can significantly increase lifetime Social Security benefits. The first is delaying benefits, which raises monthly payments the longer you wait to claim. The second is ensuring you work at least 35 years, since Social Security uses your highest 35 years of earnings to calculate your benefit. The third is understanding your full retirement age to avoid penalties and optimize your payout. These simple moves can add thousands of dollars over a beneficiary’s lifetime.

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00:00Many Americans don't realize that a few strategic decisions can significantly increase their lifetime social security benefits.

00:08Here are the three moves highlighted in the latest report.

00:12One, delay your benefits. Claiming later can add thousands more over your lifetime.

00:16Two, work at least 35 years. Social security calculates your benefit based on your highest 35 years of earnings.

00:23So missing years can lower your average.

00:26Three, understand your full retirement age.

00:28Knowing when you reach full retirement age helps you avoid penalties and maximize your monthly payment.

00:33Small adjustments in timing and planning can translate into major increases in benefits over a lifetime.

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