If you are working and aged 18-67, you can still receive a larger Social Security payment even if you are a low earner. Not having filed yet allows you to have room for improvement.
One of the things you could do is to get a job with a higher wage. Sometimes you have enough to make ends meet and you are happy with it. But becoming a higher earner is possible and some people even get a second job to achieve it.
Low, high, and average earners can delay retirement
Another very effective way to increase your Social Security retirement benefits is by delaying retirement. In fact, the Administration can give you up to 24% extra per month.
Each year you delay retirement after Full Retirement Age, the Administration will give you 8 percent extra. For example, if you qualify for a payment worth $2,119 at Full Retirement Age and you filed at 70, you could get $2,634 instead.
Make use of the Social Security Statement. It will help you find out your future payment amount whether you are a high or low earner. The more information you have, the better decision you will make.
Low and high earners should work this number of years
American workers who have not paid enough payroll taxes and earned enough work credits do not qualify for retirement benefits. So, if you are a high or low earner you’d better work for 35 years.
In this way, you will benefit from getting more money than if you worked for just 34 years. Bear in mind that the Administration will only use the 35 years of work when you had the highest earnings.
Summing up, you should delay retirement until you are 70, get well-paid jobs, work for a minimum of 35 years and have jobs covered by SSA. As a bonus tip for high earners, you could get up to $4,873 if you earned the taxable maximum for 35 years.
