Social Security benefits are a key part of retirement for many people in Arizona and throughout the United States. Not every person gets the exact same Social Security retirement benefits. Indeed, the choices you make before retiring can have a big impact on your monthly payments for the rest of your life. Timing, work history, and spousal benefits all factor into the equation. Many retirees leave money on the table simply because they do not understand the rules. To get the most out of your benefits, it is crucial that you know the law. At The Law Office of Paul J. Dombeck, PLLC, we have the Social Security expertise that you can trust. Here, our Phoenix Social Security claims attorney explains the key things to know about maximizing your Social Security benefits before you retire.

Social Security Retirement Benefits: Know the Basics  

The Social Security Administration (SSA) explains, “You can typically get monthly retirement benefits starting at age 62 if you have worked and paid Social Security taxes for 10 years or more.” With that being said, claiming benefits early will reduce the monthly amount you receive. To get full retirement benefits, you must wait until your full retirement age (FRA), which is between 66 and 67 (depending on your birth year). Further, delaying your benefits past your FRA, as determined by federal law, can increase your monthly payments up to age 70. The amount you receive is based on your highest 35 years of earnings, which are then adjusted for inflation. 

Note: Social Security retirement benefits are essential. However, they are designed to replace only a portion of your income. Most people also rely on other sources, like pensions or savings. To get a current estimate of your benefits, you can create a free “my Social Security” account at SSA.gov. You can then review your earnings record and current projections for retirement benefits.

An Overview of Strategies for Maximizing Your Social Security Retirement Benefits

As noted previously, not every person will receive the exact same Social Security benefit. In order to get the maximum possible retirement benefit, you need to put yourself in the best position. There are some proactive strategies that you can use that will help you to secure the greatest available retirement benefits through the Social Security system. Here is an overview of strategies: 

1. Try to Delay Claiming Retirement Benefits As Long as Possible (Until Age 70): One of the most effective ways to increase your Social Security retirement benefits is to delay claiming them past your full retirement age. Indeed, for most people, this is the best strategy for maximizing retirement benefits. For every year you wait (up to age 70), your monthly benefit increases by about 8 percent. It is a strategy that rewards those who can afford to draw from other income sources in the meantime. Over the course of retirement, delayed benefits can significantly boost lifetime income. The longer you expect to live, the more you will benefit from delayed retirement. 
2. Work for at Least 35 Years: Earning more income during your working years also helps to increase your SSA benefits (up to a benefit). A key thing to remember is that your Social Security retirement benefit is based on your average indexed monthly earnings during your 35 highest-earning years. If you work fewer than 35 years, the SSA average includes the years in which you earned nothing. That reduces your benefit. Even part-time work in your later years can help replace lower-earning or zero-income years. That can lead to a higher monthly benefit. Maximizing your earnings throughout your career (and extending your working years, if possible) can make a significant difference in your retirement income. If you are a bit below 35 years, it may make sense to try to get some additional work years on your record. 
3. Coordinate Benefits with Your Spouse (Married Couples): Finally, married couples in Arizona can take advantage of specific strategies to maximize combined Social Security benefits. For example, one spouse may choose to claim a spousal benefit while the other delays their own benefit to accrue delayed retirement credits. In the event of death, the surviving spouse may also be eligible for a higher survivor benefit. Coordinating your claiming strategies can ensure you receive the highest possible combined income over time. These strategies can be more complicated. 

Note: Social Security disability benefits are also available through Social Security Disability Insurance (SSDI) and the Supplemental Security Income (SSI) program. If you are of working age and you have a medical condition that prevents you from earning a full-time income, you may be entitled to SSDI or SSI benefits. An attorney can help. 

The Law Office of Paul J. Dombeck, PLLC, is a Leading Social Security Law Firm

You pay into the Social Security system; your benefits should be there in your time of need. The right proactive strategy can put you in the best possible position to secure the maximum Social Security disability benefits. Do not go it alone. A top-tier Arizona Social Security lawyer can review your case, answer your questions, and help you determine the best course of action. At The Law Office of Paul J. Dombeck, PLLC, we are leaders in Social Security law, including disability claims. You can contact us directly at our Phoenix law office to set up a free, confidential consultation. 

Schedule a Free Consultation With Our Phoenix Social Security Lawyer Today

At The Law Office of Paul J. Dombeck, PLLC, our Phoenix Social Security attorney has the skills, knowledge, and professional experience that you can count on. If you have any questions or concerns about maximizing your Social Security benefits, we can help. Contact us now for a free, no-obligation initial case review. With an office in Phoenix, we are proud to provide results-focused Social Security representation in Maricopa County and throughout the region.