3 ways to increase your Social Security benefits in 2024

If you haven’t yet applied for Social Security retirement benefits, here’s an easy way to get more of the benefits you’ll receive. All you have to do is wait until you receive your benefits. Most people will benefit most from delaying it until age 70.

But what if you’re already receiving Social Security benefits? Can I increase the amount I receive? In some cases, the answer is “yes.” Here are three ways you can increase your Social Security benefits in 2024:

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1. Check profit details

All retired workers receiving Social Security benefits need to do is check the earnings records the Social Security Administration (SSA) has on file. If you discover an error, correcting it may result in your retirement benefit being adjusted upward.

The Social Security benefit formula uses the 35 years in which you earned the most money. Inaccuracies in SSA’s earnings may incur costs.

However, it is important not to delay checking your earnings. In many cases, you cannot correct your income more than three years, three months or 15 days after the end of the year in which the income was earned. However, SSA has some exceptions to this rule. Income records that exceed this threshold can be corrected as follows:

• Check your income records through tax returns filed with the IRS.
• Correct mistakes due to missing employer reports or missing employer reports submitted.
• SSA reviews processed report records and corrects any errors it may identify.
• Include wages reported by your employer but not shown in SSA records.

2. Apply for Social Security benefits early and keep working if you can earn more than you did in your previous career.

Many Americans choose to claim Social Security benefits before they reach their full retirement age (FRA). If you’re one of them, there are ways to increase your retirement benefits.

As mentioned earlier, SSA uses your 35 years of highest income. If you can continue to work and earn more money than you did in your previous career, you can replace your past low annual income with a higher amount. This will automatically recalculate your Social Security retirement benefits.

But keep in mind that SSA will withhold some of your benefits if you earn too much. In 2024, $1 in benefits will be withheld for every $2 earned over $22,320. Once you reach FRA in 2024, $1 in benefits will be withheld for every $3 you earn over $59,520. The good news is that once you reach FRA, you start getting back all of the money withheld.

3. Cancel your application for Social Security benefits and wait until later.

There’s another way to increase your Social Security retirement benefits after you’ve already received them. You may also cancel your application for benefits. You can then continue working and wait to claim Social Security later. The longer you wait (up to age 70), the higher your benefits will be.

This option is only available if you applied for retirement benefits within the last 12 months. If you are in this window, you can mail a request to cancel your application for benefits to your local Social Security office using Form 521 (available for download from the SSA website). Please note that you will need to repay any amounts previously received.