For many retirees, Social Security is a key piece of the income puzzle. But when and how you claim your benefits can affect the amount you receive over time. A little strategy and planning can help you make the most of what you’ve earned.
- Know How Your Benefits Are Calculated
Your benefit amount is based on your 35 highest-earning years. If you haven’t worked that long, each missing year counts as zero—and that can drag down your average. Working additional years could increase your benefit amount, especially if you’re earning more now than you did earlier in your career. Those additional years can replace lower-earning ones and increase your overall payout.
- Understand Your Full Retirement Age
Your Full Retirement Age (FRA) is when you can collect 100% of your earned benefit. Depending on when you were born, it falls somewhere between 65 and 67. If you claim benefits before reaching FRA, you’ll receive a smaller monthly check—but wait a little longer, and your payments will grow.
- Time It Right
You can start collecting benefits at age 62, but you’ll only get about 70% of what you’re eligible for. Waiting until your FRA gets you the full amount, and if you hold off until age 70, you could receive as much as 132% of your benefit. Simply put: the longer you wait (up to age 70), the bigger your monthly check.
- Make the Most of Spousal Benefits
Married couples may be eligible for spousal benefits, which can be up to 50% of the higher earner’s benefit. Typically, the lower-earning spouse can start collecting earlier while the higher-earning spouse delays, allowing their future benefit amount to increase through delayed claiming. Once the higher earner hits 70, the couple can switch to filing against that person’s earnings history.
- Check Your Social Security Statements
Each year, the Social Security Administration (SSA) sends out statements showing your estimated benefits and your earnings history. It’s easy to toss it aside—but don’t! Reviewing your earnings record is important. Mistakes happen, and an error in reported income could reduce your benefit. If you spot something off, contact the SSA to get it corrected.
- Increase Your Earnings
If your projected benefits aren’t quite where you’d like them to be, consider finding ways to boost your income. A raise, a side job, or even working part-time for a few more years may increase your 35-year earnings average—and your future benefit.
- Be Careful If You Work in Retirement
You can work and collect Social Security at the same time, but there are income limits before you reach full retirement age. In 2025, if you earn more than $23,400, the SSA will deduct $1 in benefits for every $2 you earn over that limit. Once you hit full retirement age, the limit rises, and the reduction drops to $1 for every $3 earned over $62,160.
- Don’t Forget About Taxes
Up to 85% of your benefits may be taxable, depending on your income and filing status. Remember, Social Security counts alongside other income sources like wages, pensions, and investments. It may be a good idea to work with a tax or financial advisor to plan ahead and avoid surprises at tax time.
Social Security isn’t one-size-fits-all. The right claiming approach depends on your age, health, income, and long-term goals. Taking the time to understand your options—and making a plan that fits your situation—can help you make the most of your benefits and enjoy a more confident retirement.¹ God bless your Social Security maximization efforts!
Shaun
“Be wise as serpents and innocent as doves.” ~Matthew 10:16
1 Smart Asset, “10 Strategies to Maximize Social Security Benefits”, August 12, 2025
Disclosures
This material is provided for informational and educational purposes only and should not be construed as individualized investment, tax, or financial advice. The information contained herein is based on sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Social Security rules, tax laws, and benefit amounts are subject to change.
Old Forge Wealth Management, LLC is a registered investment advisor. Registration does not imply a certain level of skill or training.
For personalized advice regarding your situation, please consult a financial, tax, or legal professional.