Even if you’ve saved well for retirement, Social Security will likely still play a big role in your future finances. That’s why it’s important to aim for the highest monthly benefit possible.
In 2025, the maximum monthly Social Security benefit is set at $5,108. However, most retirees receive far less — the average monthly benefit for retired workers was about $1,979 as of January.
The reason most retirees don’t get the maximum benefit is that their earnings aren’t high enough.
To qualify for the highest benefit, you’d need to earn at or above the Social Security wage cap for 35 years. This cap is adjusted yearly and currently stands at $176,100.
If you won’t qualify for the maximum benefit, don’t worry. There are still ways to increase your retirement income and improve your financial stability. Here are three key strategies to help you boost your retirement income:
1. Delay Your Claim until Age 70
To receive the highest possible Social Security benefit, you need to have a 35-year work history with high earnings and wait until age 70 to claim benefits.
While you may not have control over how much you earn, you can control when you start collecting benefits. Delaying your claim until age 70 can significantly increase your monthly payment.
However, this means you might need to stay employed longer, which could require updating your skills or maintaining certifications.
Even if you’re set to receive less than the maximum benefit, filing at 70 will give your payments a solid boost.
2. Build the Right Investment Portfolio
Smart investing can help supplement your retirement income. Focus on building a portfolio that generates steady returns.
Consider investing in dividend stocks, which provide regular income, or municipal bonds, which offer predictable returns and are federally tax-exempt.
Having a balanced mix of reliable investments can give you extra financial security during retirement.
3. Plan to Work Part-Time
Working part-time in retirement is another way to increase your income.
You’re allowed to work and receive Social Security benefits at the same time, though your benefits could be temporarily reduced if you haven’t reached full retirement age and earn above a certain limit.
Think about the kind of work you’d enjoy doing in retirement. If you like your current profession, consider working as a consultant instead of full-time.
You could also explore turning creative hobbies into an income source.
You may not qualify for Social Security’s maximum benefit, but with smart planning and the right strategies, you can build a comfortable retirement without financial stress.
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