You have a right to Social Security after contributing to the system for multiple decades, but there are still a few things you can do to maximize your earnings. A higher payout makes it easier to maintain your current lifestyle and avoid selling assets in your nest egg to make ends meet.
People who plan to retire in 2028 still have multiple opportunities to boost their Social Security benefits. These strategies are simple but effective.
Work longer at a high-paying job
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Social Security looks at your 35 highest-earning years when calculating your benefit. The administration will adjust each year’s earnings based on inflation, but you still may have some low-earning years within your work history.
Each additional year working at a high-paying job minimizes the impact of a low-paying job that you previously had in your career. If you retire at the end of 2028, you can get three additional years of a high salary that will boost your Social Security benefits.
Delay accessing your Social Security
Your benefits go up the longer you delay claiming Social Security. Working until 2028 will give your benefits more time to grow, but retiring at 62 isn’t the right move to maximize Social Security.
Leaving your job that early can still make sense if you have a large enough retirement portfolio or if your family has a history of health issues that impact longevity. However, you can still boost your benefits by living on your nest egg for a few years first. Picking up a part-time job may also be a good option, as it gives you some income and can further delay your access to Social Security benefits.
You will receive the maximum benefit if you wait until 70 before claiming Social Security. When you turn 70, there is no incentive to further delay your access to benefits.
Increase your income now
If you are thinking about retiring in 2028, the finish line is in sight. Finishing strong with a part-time job or a side hustle on top of your full-time income will boost your annual income, and that can give you an edge when it’s time to claim your benefits.
You don’t have to do the extra work forever. It can be just two or three extra years of working more hours if you intend to retire in 2028. You can also ask your boss about a raise, work overtime, and see if your company is offering higher-paying jobs that you qualify for.
Just because you are approaching the finish line doesn’t mean you should slow down or stop looking for opportunities to grow your income. The final push leading up to retirement can give you greater financial peace and additional passive income in your golden years.