When planning for retirement, saving and investing is often the focus for many. However, getting the most out of your Social Security benefits can be one of the most important parts of a sound retirement plan. Getting an early start on planning your claiming strategy can help ensure you get the most from this program during your golden years.
Here are some key Social Security moves that can help you maximize benefits, whether you are still working or have already retired.
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1. Boost your income
If you can increase your take-home pay today, it could result in more income tomorrow. To determine your monthly payment, the Social Security Administration (SSA) looks at your lifetime earnings history and indexes your highest 35 years of income. Then, the agency determines your monthly benefit based on that amount.
That means earning a higher salary now will boost your benefits in retirement, at least up to a point. For 2026, the first $184,500 in income is subject to Social Security taxes. Earning up to that amount will boost your future benefits, so it may be worth asking for a raise or switching jobs.
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2. Keep tabs on your Social Security earnings history
Sometimes, the SSA makes a mistake when tracking your earnings history. Such errors can negatively impact the size of the benefits you receive in retirement.
That is why it’s important to closely track your earnings history. If you find an error, you generally must report it within three years, three months, and 15 days from the end of the fiscal year in which wages were paid. Fail to do so, and you will be out of luck.
3. Plan to delay retirement
Retiring early is a dream for many. But if you have not saved a lot of money and will largely depend on Social Security to get by, you might be better off delaying retirement and working a few more years.
Not only does this prevent you from filing for benefits too early — and reducing your monthly payout — but it also helps you build a bigger nest egg, and it might help boost your earnings history. That can increase the size of your Social Security check when you do claim.
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4. Don’t claim benefits at age 62
You are eligible to begin claiming Social Security benefits at age 62. Millions of retirees do this, but they also pay a price for that choice.
Claiming at 62 results in “substantial reductions in monthly benefits,” according to the SSA. In fact, someone born in 1960 or later who claims at 62 can expect their monthly benefit to fall by 30%. Your benefit will be reduced unless you wait until full retirement age to claim.
5. Know your full retirement age
As mentioned, claiming Social Security benefits before your full retirement age will permanently reduce your monthly payout. The best way to avoid this reduction is to wait until full retirement age to claim.
Full retirement age varies depending on the year you were born, so understanding yours is crucial. For example, those born between the years 1943 and 1954 have a full retirement age of 66. On the other hand, anyone born in 1960 or later has a full retirement age of 67.
6. Delaying claiming until you turn 70
Waiting until full retirement age to claim will allow you to enjoy the full amount of Social Security benefits you have earned. However, if you delay claiming until after full retirement age, you can boost your monthly income even more.
For each year you wait to claim between full retirement age and the age of 70, you will see your monthly benefit increase by about 8%. Just make sure to claim your benefits no later than age 70. After that point, waiting no longer provides any additional benefit.
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7. Avoid working too much if you do claim early
Despite a lower monthly benefit, many people do claim their Social Security benefits early. If you begin receiving Social Security before full retirement age and continue to work at a job, the SSA might penalize you if you earn too much.
Seniors in this situation who bring in enough income to exceed the yearly earnings limit might see the SSA deduct $1 from their benefit payments for every $2 they earn over the annual limit. In 2026, the earnings limit is $24,480.
It is important to note that once you reach full retirement age, the benefits you lost will be paid back to you.
8. Manage your income to keep taxes low
Throughout your working career, you paid Social Security taxes. But that doesn’t mean the benefits you receive during your golden years will be tax-free.
It is possible that up to 85% of your Social Security benefits will be subject to taxes. The amount you will pay in taxes depends on what is known as your “combined income.” This includes:
Sources of income such as wages, dividends, distributions from traditional 401(k)s and IRAs, interest and wages
Half of Social Security benefits
The key to minimizing taxes is to keep your combined income low. There are many ways to do this. For example, you might make withdrawals from a Roth IRA, as these funds do not figure into the “combined income” formula.
Consulting with a tax professional can help you uncover the best ways to reduce taxes on Social Security benefits.
Bottom line
There are many things you can do in 2026 to ensure you get the maximum benefit possible given your work history and other circumstances.
So, regardless of your age, take steps this year to maximize your senior benefits. The decisions you make today could improve your financial situation for decades to come.
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