#Social Security 2023: 5 Ways To Increase Your Benefits

If you’re truly looking to max out your Social Security benefits, don’t just wait until full retirement age. The Social Security Administration allows you to defer your Social Security payments until age 70, and waiting longer can translate to a big bump in your payout.

From age 67 to 70, Social Security benefits jump by a whopping 8% per year. This is close to the long-term average return of the stock market, and you won’t be taking any risk at all. Claiming at age 70 instead of age 67 results in a monthly check that’s more than 24% higher, meaning if your full retirement payout is $2,000 per month, you’ll receive over $2,500 instead by waiting just three years — a significant increase.

The maximum possible Social Security retirement payout for someone who earns high wages for 35 years and waits to claim benefits until age 70 is $4,555 for 2023.