Change for the better: 4 simple tweaks to improve your Social Security benefits in 2025
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As we sail into the year 2025, the horizon of retirement looms closer for many Americans. Social Security remains a reliable anchor of retirement planning, and with a few strategic adjustments, you can ensure that your golden years are as lustrous as they deserve to be.
As we age, we understand the importance of making every penny count even more, so let's explore four simple yet powerful tweaks to revolutionize your Social Security benefits by 2025.
While improving a Social Security payment can be challenging, especially if you haven’t filed for retirement yet
1. Learn about the power of benefit estimates
Knowledge is power, and when it comes to Social Security, knowing your estimated benefits is like having a roadmap for your financial journey.
Your benefit estimate is a projection based on your earnings history, and it's essential for planning your retirement landscape.
If you've been contributing to Social Security, you can access this estimate through the Social Security Administration's website.
Understanding your estimate helps you measure how much you'll need to save to complement your Social Security income.
Remember, this estimate isn't set in stone—it evolves with your career and earnings. If your income increases or decreases significantly over the next few years, so will your estimate.
An annual review of your estimated benefits is a wise move to keep your retirement plans on track.
2. Explore the benefits beyond retirement
Social Security is a buffet of benefits, not just a retirement check. You might be eligible for widow's, widower's, or divorce benefits, as well as disability support.
Married? You could be entitled to up to 50% of your spouse's benefits. Divorced after a decade-long marriage? You might still have a claim to benefits based on your former spouse's record.
Survivor benefits are also part of the Social Security package, providing financial support after the loss of a family member. There are also benefits for people with disabilities.
It's crucial to understand the full menu of benefits available to you, so you don't leave any money on the table.
3. Sync with your spouse regarding a claiming strategy
If you're married, coordinating with your spouse on when to claim Social Security can be a game-changer.
Claiming benefits at 62 might seem tempting, but it can slash your payments by up to 30%. On the flip side, waiting until 70 can heighten your monthly check by 24% or more, potentially reaching up to $5,180 in 2025.
Discussing your options and timing can help you both maximize your retirement income. Whether you opt for immediate benefits or delay for larger payouts down the line, a joint strategy is key to optimizing your financial future together.
4. Supplement your income with other benefits like SNAP or SSI
Your Social Security check isn't the only resource at your disposal. Programs like SNAP (Supplemental Nutrition Assistance Program) and SSI (Supplemental Security Income) are designed to boost your quality of life.
SNAP helps with food expenses, while SSI provides extra support for those with limited income and resources.
As living costs climb, tapping into these additional benefits can provide much-needed relief. Keep an eye out for any extra assistance you're eligible for, including one-time stimulus checks or other government programs. Every bit of support can enhance your retirement experience.
While on the subject of improving your Social Security benefits, have you heard about the possibility of your 2025 check increasing? Find out if you're eligible for this windfall in this story here.
Have you started planning your Social Security strategy? Do you have tips for navigating the benefits system, or perhaps questions about how to get started? Share your insights and inquiries in the comments below!
As we age, we understand the importance of making every penny count even more, so let's explore four simple yet powerful tweaks to revolutionize your Social Security benefits by 2025.
While improving a Social Security payment can be challenging, especially if you haven’t filed for retirement yet
1. Learn about the power of benefit estimates
Knowledge is power, and when it comes to Social Security, knowing your estimated benefits is like having a roadmap for your financial journey.
Your benefit estimate is a projection based on your earnings history, and it's essential for planning your retirement landscape.
If you've been contributing to Social Security, you can access this estimate through the Social Security Administration's website.
It's important to review your Social Security benefit estimate regularly as it's based on your yearly earnings and can change with income fluctuations. Image source: Pexels / RDNE Stock Project.
Understanding your estimate helps you measure how much you'll need to save to complement your Social Security income.
Remember, this estimate isn't set in stone—it evolves with your career and earnings. If your income increases or decreases significantly over the next few years, so will your estimate.
An annual review of your estimated benefits is a wise move to keep your retirement plans on track.
2. Explore the benefits beyond retirement
Social Security is a buffet of benefits, not just a retirement check. You might be eligible for widow's, widower's, or divorce benefits, as well as disability support.
Married? You could be entitled to up to 50% of your spouse's benefits. Divorced after a decade-long marriage? You might still have a claim to benefits based on your former spouse's record.
Survivor benefits are also part of the Social Security package, providing financial support after the loss of a family member. There are also benefits for people with disabilities.
It's crucial to understand the full menu of benefits available to you, so you don't leave any money on the table.
3. Sync with your spouse regarding a claiming strategy
If you're married, coordinating with your spouse on when to claim Social Security can be a game-changer.
Claiming benefits at 62 might seem tempting, but it can slash your payments by up to 30%. On the flip side, waiting until 70 can heighten your monthly check by 24% or more, potentially reaching up to $5,180 in 2025.
Discussing your options and timing can help you both maximize your retirement income. Whether you opt for immediate benefits or delay for larger payouts down the line, a joint strategy is key to optimizing your financial future together.
4. Supplement your income with other benefits like SNAP or SSI
Your Social Security check isn't the only resource at your disposal. Programs like SNAP (Supplemental Nutrition Assistance Program) and SSI (Supplemental Security Income) are designed to boost your quality of life.
SNAP helps with food expenses, while SSI provides extra support for those with limited income and resources.
As living costs climb, tapping into these additional benefits can provide much-needed relief. Keep an eye out for any extra assistance you're eligible for, including one-time stimulus checks or other government programs. Every bit of support can enhance your retirement experience.
While on the subject of improving your Social Security benefits, have you heard about the possibility of your 2025 check increasing? Find out if you're eligible for this windfall in this story here.
Have you started planning your Social Security strategy? Do you have tips for navigating the benefits system, or perhaps questions about how to get started? Share your insights and inquiries in the comments below!
