Ways to Increase Your Payments

The information below came from this site (2012):
http://money.usnews.com/money/retirement/slideshows/12-ways-to-increase-your-social-security-payments

Boost your payout. The amount of your Social Security payments depends on your earnings history, the age you sign up, and the dependents you have. Here are some strategies to maximize your payments:
  1. Work for at least 35 years. Social Security benefits are calculated based on your 35 highest earning years in the workforce. If you haven't worked for at least 35 years, zeros are averaged into the calculation, which will lower your payout.
  2. Earn more. Increasing your income now by asking for a raise or taking a second job will increase the amount you get from Social Security in retirement.
  3. Work until your full retirement age. You need to claim Social Security at your full retirement age, which is 66 or 67 for most current workers, to get your full payments. Payouts are permanently reduced for people who claim early.
  4. Lay claiming until age 70. After your full retirement age, payments will increase by 8 percent for each year you delay claiming up until age 70.
  5. Claim spousal payments. Spouses may claim benefits based on their own work record or up to 50 percent of the higher earner's benefit, whichever is higher. If you were married for at least 10 years, you can also claim Social Security benefits based on an ex-spouse's work record.
  6. Claim twice. After their full retirement age, dual-earner couples may be able to claim spousal benefits and then later switch to payments based on their own work record, which will then be higher due to delayed claiming.
  7. Include family. If you have dependent children under age 19, you may be able to secure additional Social Security payments for them worth up to one-half of your full retirement benefit up to certain annual limits.
  8. Don't earn too much in retirement. Social Security beneficiaries under age 66 who earn more than $14,640 in 2012 will have $1 withheld for every $2 they earn above the limit. The year you turn 66, the earning limit jumps to $38,880, and the penalty decreases to $1 withheld for every $3 earned above the limit.
  9. Minimize social security taxes. If the sum of your adjusted gross income, nontaxable interest, and half of your Social Security benefits is more than $34,000 ($44,000 for couples), up to 85 percent of your benefits may be taxable.
  10. Maximize survivor's benefits. You'll get your Social Security payments faster and can avoid fees and a trip to the bank by having them directly deposited to a bank or credit union account. Electronic payments are now required for new Social Security recipients.
  11. Make sure your work counts. Download your online Social Security statement annually to check that your earnings history and Social Security taxes paid have been recorded correctly by the Social Security Administration. Make sure you are getting credit for the taxes you are paying into the system.
  12. Maximize survivor's benefits. You'll get your Social Security payments faster and can avoid fees and a trip to the bank by having them directly deposited to a bank or credit union account. Electronic payments are now required for new Social Security recipients.
  13. Make sure your work counts. Download your online Social Security statement annually to check that your earnings history and Social Security taxes paid have been recorded correctly by the Social Security Administration. Make sure you are getting credit for the taxes you are paying into the system.