Higher Social Security benefits are coming. Here’s how to get it:

One of the biggest Social Security misconceptions you’ll hear is that the program pays the exact same monthly benefit to all beneficiaries. The actual monthly salary you will receive in retirement depends on a variety of factors. And some of them may be within your control. So if you want to receive higher Social Security benefits, do these three things:

1. Worked for at least 35 years

The monthly benefit that Social Security pays you depends on your specific earnings history. And you should know that your highest-paid 35 years of earnings are taken into account when calculating your retirement benefits.

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What this means is that unless you have 35 years of full work experience, you risk receiving lower benefits during retirement. So if you’re nearing the end of your career and realize you haven’t worked in 35 years, you might want to consider staying in the workforce a little longer.

But that doesn’t mean you have to remain employed full-time. Part-time earnings also count toward Social Security benefits. If you report your income and pay taxes on it (which you are required to do anyway), the same goes for income from your freelance job.

2. Maximize your income

The more you earn during your working years, the higher your monthly Social Security benefit (up to a certain level, as there is a maximum monthly benefit the program will pay). So if you can pursue a higher income, you can set aside more retirement income.

One of the most obvious ways to increase your income is to get a side job while working full time. Of course, you can also pursue a higher-paying promotion at your main job. But this can be tricky. This is especially true if you work at a company that doesn’t offer much upward mobility.

A side hustle can help you earn more money, and it can help you prepare for retirement in addition to saving you more Social Security benefits. Many people have a hard time funding their retirement accounts because their paychecks are completely monopolized by their bills. This has become more common in recent years given the way inflation has soared. But if you work a side job, you can use the money to contribute to an IRA or 401(k) plan, giving you benefits beyond Social Security in retirement.

3. Submit in a timely manner

You are eligible to receive monthly Social Security benefits based on the highest 35 years of wages at your full retirement age or FRA. If you were born after 1960, your FRA is 67. Otherwise, it is 66 or 66 years and a certain number of months.

Now you can sign up for Social Security any time you turn 62. But if you wait until FRA, you can at least avoid a reduction in your monthly Social Security payments.

You may also be able to delay filing after FRA to receive more benefits. For each year you delay claiming, your benefits increase by 8%.

Unfortunately, you can’t postpone Social Security indefinitely and keep increasing your monthly benefits. Once you turn 70, there is no financial incentive to wait any longer. However, if you reach FRA at age 67 and delay claiming until your 70th birthday, you can increase your monthly benefit by 24% and make the benefit permanent.

Today, many seniors living solely on Social Security are struggling financially. Hopefully, you won’t find yourself in that situation, but rather have savings or other sources of income that can supplement those benefits. But it also helps to do your best to collect more Social Security benefits during retirement. And this move could be your ticket to doing just that.