10-Minute Social Security Checkup to Increase Your Income

1. Check Your Social Security Earnings Record

Begin by obtaining a clear overview of your current Social Security information. You can easily create or log into your account on the Social Security Administration website to access your lifetime earnings and preview an estimate of your future benefits.

This overview not only shows your potential benefits from Social Security but also provides a chance to identify any discrepancies in your reported income. Correcting any inaccuracies now could significantly increase your benefit checks later on, leading to a more secure financial future.

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2. Determine the Optimal Time to Claim Social Security Benefits

Delaying your claim for Social Security can result in a significantly larger monthly benefit. As of 2026, if you opt to claim at age 62, your maximum benefit is $2,969 per month, which varies based on your lifetime earnings. Conversely, if you wait until age 70 to claim, that amount can increase to $5,181 per month.

Your benefits will increase each year you postpone your claim, with the growth accelerating to 8% annually after you reach your full retirement age, which is either 66 or 67 depending on your birth year, and continues until you turn 70.

While it is financially advantageous to wait until age 70, not everyone can afford to do so. Some individuals require immediate income to meet their living expenses, and while working, whether full-time or part-time, is an option, it may not be feasible for everyone to return to the workforce.

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3. Strategize for Taxes and Medicare Deductions

While Social Security benefits are taxed at lower rates compared to ordinary income, they can still be taxable based on your total reported income each year. Be aware that any withdrawals from a traditional retirement account are classified as ordinary income, which could lead to higher tax rates than you might anticipate.

Depending on the income you receive from Social Security, withdrawals from traditional retirement accounts, and other income sources, up to 85% of your benefits may be subject to taxation. For this reason, it often makes more sense to claim Social Security after you have retired, when your income is typically lower, rather than while you are still employed.

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Additionally, you must consider the Medicare Part B premiums, which are automatically deducted from your Social Security payments as long as you are enrolled in both Medicare and receiving Social Security. If you choose to delay claiming Social Security, you will be directly billed for your Medicare premiums, meaning that you cannot circumvent these costs. Therefore, it is wise to calculate whether your Social Security benefits will sufficiently cover your expenses, taking into account these Part B premiums that will reduce your checks.