Social Security is a key income source for millions of seniors today, and while it certainly shouldn't be your only means of paying the bills in retirement, the more money you're able to get from it, the better. The good news? There are steps you can take to score a higher retirement benefit. Here are a few to focus on at various stages of life.
1. Boost your skills to grow your earnings
The more money you make at your job, the higher your Social Security benefits stand to be. That's because those benefits are calculated based on your 35 highest-paid years of earnings. It pays to invest in growing your skills, because the more value you bring to your employer, the more likely your salary is to go up. You can boost your skills in a number of ways, whether it's taking classes, getting a professional certification, or even shadowing seasoned colleagues and picking up on the things they do best. Boosting your earnings by even a small amount could have a tremendous lifetime impact, since future raises will be based on a higher starting number.
2. Work a few extra years once your salary peaks
Many people start out with lower salaries and earn more as they advance in their careers. If your salary ends up peaking in your 60s, working a few more years than planned could boost your Social Security income if you're able to replace lower earnings on record with higher earnings. Similarly, if you took time off during your career and don't have a full 35 years of earnings under your belt, you'll have $0 factored in for each year without a salary. Replacing even a single $0 entry with an actual income figure will help you snag a higher monthly retirement benefit.
1. Boost your skills to grow your earnings
The more money you make at your job, the higher your Social Security benefits stand to be. That's because those benefits are calculated based on your 35 highest-paid years of earnings. It pays to invest in growing your skills, because the more value you bring to your employer, the more likely your salary is to go up. You can boost your skills in a number of ways, whether it's taking classes, getting a professional certification, or even shadowing seasoned colleagues and picking up on the things they do best. Boosting your earnings by even a small amount could have a tremendous lifetime impact, since future raises will be based on a higher starting number.
2. Work a few extra years once your salary peaks
Many people start out with lower salaries and earn more as they advance in their careers. If your salary ends up peaking in your 60s, working a few more years than planned could boost your Social Security income if you're able to replace lower earnings on record with higher earnings. Similarly, if you took time off during your career and don't have a full 35 years of earnings under your belt, you'll have $0 factored in for each year without a salary. Replacing even a single $0 entry with an actual income figure will help you snag a higher monthly retirement benefit.
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