You’re entitled to Social Security after decades of contributing to the system, but there are still things you can do to maximize your income. Higher expenses can make it easier for you to maintain your current lifestyle and avoid selling off assets in your savings to make ends meet.
People planning to retire in 2028 still have several opportunities to increase their Social Security benefits. These strategies are simple but effective.
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Social Security considers your 35 highest earning years when calculating your benefits. The government will adjust your earnings each year for inflation, but you may still have some low-income years in your work history.
Each additional year in a high-paying job will minimize the impact of the lower-paying jobs you held previously in your career. If you retire at the end of 2028, you can get three additional years of high pay, which will increase your Social Security benefits.
Your benefits will increase the longer you delay collecting Social Security. Working until 2028 will give your benefits more time to grow, but retiring at 62 is not the right move to maximize Social Security.
If you have a large enough retirement portfolio or your family has a history of life-limiting health issues, it still makes sense to leave your job early. However, you can still increase your benefit by living off your savings for a few years first. Working part-time may also be a good option because it can bring you some income and may further delay your receipt of Social Security benefits.
If you wait until age 70 to collect Social Security, you will receive the maximum benefit. When you reach age 70, there is no incentive to further delay your receipt of benefits.
If you’re considering retirement in 2028, the finish line is in sight. Doing great work through a part-time job or side hustle on top of your full-time income will increase your annual income, which can give you an edge when collecting benefits.
You don’t have to do extra work forever. If you plan to retire in 2028, you may only need to work two to three more years. You can also ask your boss about salary increases, overtime, and see if your company offers high-paying jobs that you qualify for.
