Social Security may not be the only income source available to you during retirement, but it could end up being a substantial one, nonetheless. That’s why it’s important to approach your filing strategically and take steps to grow your benefits as much as you can. Here are a few moves that will score you a higher payout — one that gives you more financial freedom during your senior years.
Your monthly Social Security benefit is unique to you. It’s calculated based on your average monthly wage, adjusted for inflation, over your 35 highest-paid years in the workforce. If you manage to boost your earnings during your career, you could snag yourself a higher monthly benefit throughout retirement.
How do you supercharge your income? Growing your job skills to land promotions is one option, but so is picking up extra work on the side. Many people with side hustles don’t realize that that income counts for Social Security purposes, as long as it’s reported the way it should be to the IRS. If you earn $15,000 a year doing website design on the side, that income will count toward calculating your monthly retirement benefit.