However, you’re allowed to delay your filing past FRA. For each year you do, your monthly benefit will get an 8% boost, up until the age of 70, at which point that incentive runs out.
For some people, delaying benefits until age 70 just isn’t realistic, and if you’re forced to retire before age 70, you may have to claim Social Security to ensure that you’re able to pay the bills. But if you want to snag the maximum monthly benefit, you’ll need to hold off on filing until your 70th birthday.
Could you walk away with $3,895 in Social Security?
As you can see, scoring the maximum Social Security benefit isn’t easy. You need to make sure to work long enough, earn enough, and delay your benefits (which you might plan to do until life gets in the way).
But even if you don’t manage to snag a monthly benefit of $3,895, that doesn’t mean you can’t do your part to squeeze as much money as you can out of Social Security. If you’re nearing retirement and you’ve only worked 34 years, consider putting in one extra year on the job.
And if your earnings aren’t as high as you’d like them to be, supplement your income with a side job. Those wages will count toward Social Security as long as you pay taxes on them.