Social Security recipients have little-known ‘do-over’ option to boost monthly payments in future

TENS of millions of Americans rely on Social Security for monthly payments – and there are three easy ways to increase.

There are three key moves to boost your checks, whether you are already receiving money from the SSA or have yet to sign up.

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Americans can boost their Social Security checks using three methodsCredit: Getty

The first method you can use to get a boost in cash from Social Security is by boosting the money you already earnCredit: Getty

While the average Social Security check is not very high – coming in at around $2,071 per month in 2026 for retired workers in 2026 – it is a $56 increase from last year, tanks to the 2.8 per cent COLA.

The checks are only intended to replace an estimated 40 per cent of pre-retirement income, where retirement investments are expected to supplement Social Security money.

While the amount of money that beneficiaries receive is subject to caps and not in their control, there are ways that Americans can increase their lifetime monthly payments.

These methods often require trade-offs in the short term, however, so be sure to assess the benefits and drawbacks of each option before tweaking your retirement plan.

1. Using a side hustle to boost your income

The first method you can use to get a boost in cash from Social Security is by boosting the money you already earn, through a second job or side hustle.

Any income you earn and pay taxes on counts towards Social Security.

If you’re able to boost your wages with a side job, you could end up with a significant hike in your Social Security down the line.

As well as this, any extra income can also go towards maxing out your IRA or 401k year after year.

2. Withdrawing early claims

Americans who have already begun collecting Social Security but want larger monthly payments have two main options to increase their future checks.

For example, those who signed up for the program within the last year can withdraw their application, although this option requires paying back any benefits that you or any family members claiming on your work record have received so far.

When it comes to benefits, your future Social Security checks will be larger as if you had waited to start collecting from the start, although this option can be a hefty ask for those who have already spent their earned benefits.

The second option, ideal for those who missed the 12-month window or cannot afford to pay the money back, is to suspend your benefits once you reach FRA.

HOW TO SUPPLEMENT YOUR SOCIAL SECURITY

Here’s how to supplement your Social Security:

Given the uncertainty surrounding Social Security’s long-term future, it’s essential for workers to consider ways to supplement their retirement income.

Senior Citizens League executive director, Shannon Benton recommends starting early with savings and investing in retirement accounts like 401(k)s or IRAs.

401(k) Plans

A 401(k) is a retirement account offered through employers, where contributions are tax-deferred.
Many employers also match employee contributions, typically between 2% and 4% of salary, making it a valuable tool for building retirement savings.
Maxing out your 401(k) contributions, especially if your employer offers a match, should be a priority.

IRAs

An Individual Retirement Account (IRA) offers another avenue for retirement savings.
Unlike a 401(k), an IRA isn’t tied to your employer, giving you more flexibility in your investment choices.
Contributions to traditional IRAs are tax-deductible, and the funds grow tax-free until they are withdrawn, at which point they are taxed as income.

Under this option, Americans do not need to pay back any money they have already received and can restart their benefits at any point.

3. Delaying your claim beyond full retirement age

If you wait until 67 ( for anyone born in or after 1960), you’re eligible for your monthly Social Security benefits without reduction.

However, holding off to claim your benefits past full retirement age could be wise.

For each year you wait beyond retirement age, you receive an 8 percent boost – the incentive runs out until the age of 70 though.

It means you have an opportunity to score much larger monthly checks by waiting.

It’s a great deal if you expect to live into your 90s, however if you have health issues it may not be the best move as that will mean you are missing out on payments you could’ve gotten earlier.

There are several different places where you can put the money you save for retirementCredit: Getty

Where to save your retirement money

There are several different places where you can put the money you save for retirement. Each has different tax advantages, but not all of them are available to everyone.

401(k) – an employer-sponsored retirement account. Contributions are made pre-tax and many employers will match a certain percentage of your contributions. Taxes are paid when the funds are withdrawn in retirement.

Roth IRA – an individual retirement account. Contributions are made post-tax but withdrawals in retirement are not taxed.

TSP (thrift savings plan) – a retirement savings and investment plan for Federal employees and members of the uniformed services. They work similarly to 401(k)s but may have more limited investment options.

Pension – an employee benefit that commits the employer to make payments to the employee in retirement. Pensions are becoming increasingly rare.