The Social Security Administration (SSA) sends out payments to folks who meet specific requirements—but getting those checks isn’t automatic. The SSA recently reminded new beneficiaries that they need to check all the right boxes in order to start receiving their checks in April.
Getting the most out of your Social Security
Before diving into the rules for qualifying, it’s smart to take a step back and look at how to squeeze the most value out of those Social Security checks. After all, if you’ve spent years paying into the system, it’s only fair to make sure it pays you back in full.
Here are a few clever ways to stretch your benefits without stretching yourself too thin:
- Boost your earnings: Yes, it sounds cliche. “Have no money? Well, go make some more!” But in reality, picking up extra shifts or making the leap to a better-paying job can fatten up your future benefits. More income now often means more money in your pocket later.
- Hold off on claiming if you can: The longer you wait to tap into your benefits, the bigger your monthly payout. Delaying retirement isn’t always fun, but it does have a silver lining—your checks could be noticeably beefier.
It’s generally best to wait until you hit your full retirement age before collecting. Why? Because retiring early can shrink those checks. The bottom line: your benefit amount depends on how much you earned over your lifetime and how long you wait to cash in. Retire early, and your benefits might feel like a small slice of what could’ve been a whole pie.
Don’t worry —There might be other perks in your back pocket
Not everyone will be able to hop on the Social Security train come April 2025, thanks to the program’s strict rules. But don’t hang up your retirement dreams just yet—there might be another route to ride.
Take Spousal Benefits, for example. If your partner qualifies for Social Security, you could be eligible to receive up to 50% of their benefits. Who said being married wasn’t nice?
While these checks can play a starring role in your retirement plans, it’s smart to have a backup plan (or two) in the wings. That way, you won’t be caught off guard when it’s time to trade the office for a rocking chair.
If someone has to clock out of the workforce before reaching full retirement age, they might want to look into Disability Benefits (SSDI). Folks dealing with serious medical conditions that stop them from working could be eligible for a helping hand through SSDI—it’s like a financial safety net with a built-in cushion.
And for those who’ve lost a spouse, Survivor Benefits might offer some comfort in the storm. Widows and widowers of eligible workers can receive monthly payments that help ease the financial strain. So even when life throws a curveball, there may still be a benefit or two waiting in the wings to catch you.
Who can get Social Security?
The Social Security Administration doesn’t leave much room for guesswork; in fact, they’re pretty clear about who qualifies and who doesn’t. You can’t just waltz into retirement and expect the checks to roll in. There’s a checklist involved, and skipping a box could mean skipping the benefits altogether.
To get started, you need to have worked at least 10 years, which earns you 40 credits—kind of like the loyalty points of retirement, but less exciting. Also, you’ll need to be at least 62 years old before you can start collecting.
Want to boost those monthly payments? Try to stick it out in the workforce for 35 years or more. The SSA calculates your benefits based on your highest-earning 35 years—so the longer and stronger your career, the more rewarding your retirement. It’s a bit like baking a cake: you’ll want all the best ingredients and just the right amount of time in the oven.
