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How To Boost Your Social Security By 24%

*FINALIZED & SIGNED?!* NEW Increased Payment for Social Security SSI SSDI Stimulus Check Update 2022

To maximize your Social Security benefit, you need to earn more money, work at least 35 years, and delay your benefit for as long as possible.

If you take Social Security at 62, your benefit will be about 30% lower than it would be if you waited until FRA. But you don’t have to start benefits at your FRA.

In fact, holding out beyond FRA can be quite lucrative. You’ll earn an 8% delayed retirement credit for every year you wait past your FRA. Then, your benefits cap out at age 70, at which point there’s no reason to wait any longer. If your FRA is 67, delaying until age 70 would add 24% to your benefit.

Claiming Age


Data source: Social Security Administration

One exception: If you’re taking spousal benefits, you won’t be able to earn delayed retirement credits. You’ll receive your maximum benefit at FRA.

Explaining Social Security, TLDR edition:The 8 things you should learn about your benefits

Other Ways You Can Apply

Apply With Your Local Office

You can do most of your business with Social Security online. If you cannot use these online services, your local Social Security office can help you apply. Although our offices are closed to the public, employees from those offices are assisting people by telephone. You can find the phone number for your local office by using our Office Locator and looking under Social Security Office Information. The toll-free Office number is your local office.

Apply By Phone

If You Do Not Live in the U.S. Or One of Its Territories

Contact the if you live outside the U.S. or a U.S. territory and wish to apply for retirement benefits.

Mailing Your Documents

If you mail any documents to us, you must include the Social Security number so that we can match them with the correct application. Do not write anything on the original documents. Please write the Social Security number on a separate sheet of paper and include it in the mailing envelope along with the documents.

Social Security Payment Schedule: Here’s When Your July Money Will Arrive

We’ll explain how the Social Security payout dates work and what to do if you don’t get your payment.

Katie Teague


Katie is a Writer at CNET, covering all things how-to. When she’s not writing, she enjoys playing in golf scrambles, practicing yoga and spending time on the lake.

The first round of July Social Security payments have already been sent out, and if you’re waiting on your first check, you’re probably wondering when it’ll arrive. Not all recipients of Social Security receive their money on the same day — there are actually several days throughout each month that payments are disbursed. We’ll explain below.

Also, did you know that Social Security benefits could get the largest increase in 40 years, starting in January 2023? You should receive a letter in December that’ll let you know your benefit rate for the next year.

Read more: Stimulus Checks: More Than a Dozen States Are Sending Tax Rebates to Residents

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When Will My Coronavirus Stimulus Check Arrive

The IRS is expected to begin distributing checks electronically beginning on April 13, 2020. These payments will likely be distributed over several waves in the coming weeks. By April 17, the IRS should be debuting a new tracking tool called Get My Payment. This web portal will allow people to track when their economic stimulus check will be arriving and update their address or direct deposit information if they have not received their payment already.

The IRS is expected to begin mailing out paper checks in early May, beginning with low-income beneficiaries.

What If I Don’t Receive My Check On The Expected Date

Stimulus update: When will Social Security recipients, veterans receive ...

If your check doesn’t arrive on the date listed above based on your birth date or other circumstances, the Social Security Administration says to wait three additional mailing days before calling. If you still haven’t received it, you can then call 800-772-1213 to speak with a representative.

The SSA notes that wait times to speak with a representative are shorter Wednesday through Friday and later in the day .

While you wait, you can also access your Social Security benefits online by visiting

We’ll update this story each month as the payment dates change.

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Things To Keep In Mind

Recipients of these payments may check the status of such on the IRS website, using the Get My Payment tool. The 3rd stimulus payments are based on 2020, which means that the agency can top off your stimulus payment later within the year . Conversely, if you qualify for fewer payments in 2020, you will not owe any money back.

For the 3rd stimulus checks, most beneficiaries who previously received payments through prepaid debit cards, instead of their Direct Express card account, received their stimulus payment as a paper check. Stimulus payments that were sent to accounts that are no longer active or are closed are to be returned and reissued by the IRS. Only current Direct Express cardholders received the payment through the said cards, which is why it is important to always be up to date with announcements and to follow specific instructions.

As per usual, taxpayers are expected to promptly file their returns. There could be delays in the case of veterans who do not ordinarily file taxes. Some people may need to file a 2020 tax return, even if they do not normally do, for the IRS to have the information necessary to send payments to cover eligible dependents. Recipients who have already filed a 2020 tax return this year to claim missing stimulus money may find that the IRS used this information instead of your 2019 details if it has processed your latest return.

Purchase An Annuity Contract

Also known as a qualified longevity annuity contract , this strategy is a deferred annuity which is funded by a qualified retirement plan or an IRA.

This annuity will provide monthly payments for life and it is protected from any downturns the stock market may experience. Provided the annuity is compliant with IRS requirements and regulations, it will be exempt from RMD rules until payouts begin after the specified starting date of the annuity.

How this strategy works is that it limits your income but deferring it over years instead of taking your money all at once. This means that your taxable income will be lower and therefore you can keep more of your social security payment amounts.

The income from this type of plan can be deferred until the recipient if 85 years old, and then it will be taxed as income. If youre considering an annuity contract, you will need to consider the benefits and drawbacks of having one. They may not be right for everyone so its really important that you talk to your financial planner for deciding on this option.

When it comes to taxing your social security, there are ways in which you can lower you taxable income so that you do not have to pay as much in taxes and keep more of your social security benefit.

Almost everyone will have to pay some in tax on social security, but if you can minimize it and keep more in your pocket then it will help you enjoy your retirement years just a little more!

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Impact Of The Coronavirus Stimulus Check On Your Eligibility For Disability Benefits

If you are concerned that receiving a stimulus check will hurt your chances of receiving social security disability benefits, do not fret. The process of assessing eligibility for disability benefits is not dependent upon on your income or assets. Generally, to qualify for Social Security disability benefits, you need to have worked in an area of employment covered by Social Security and received a diagnosis for a medical condition that has left you disabled and unable to work.

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Is There An Age Limit Where Social Security No Longer Taxed


The short answer is no, there is no age when social security benefits are no longer taxed.

However, when you reach the age of 65 or 67, depending on the year you were born in, there is a regulation that states your social security payments can no longer be withheld even if, when combined with your other forms of income, you exceed the maximum threshold.

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At What Age Is Social Security No Longer Taxed

Youve paid into social security for almost all of your working years, and youve also paid income tax depending on your level of income. So, when you get to the time when you can start receiving your social security benefits you may be wondering if you need to pay tax on them and exactly how much youll be paying.

Heres what you need to know about social security benefits and taxes.

How Much Will The Cola Amount Be For 2022 And When Will I Receive It

How much is the increase: Social Security benefits and Supplemental Security Income payments for approximately 70 million Americans will increase by 5.9% in 2022. This is the annual cost-of-living adjustment . By law, federal benefits increase when the cost of living rises, as measured by the Department of Labors Consumer Price Index for Urban Wage Earners and Clerical Workers .

When the increase takes effect: The increase will begin with benefits that Social Security beneficiaries receive in January 2022. Increased SSI payments will begin on December 30, 2021.

When your notice will arrive in the mail: We mail COLA notices throughout the entire month of December. It is possible that your friend or family member will receive their notice in the mail before you. Please wait until January before contacting us about your mailed notice. However, you may not need to wait for your mailed notice to learn your new benefit amount for 2022: you can view your COLA notice online with your personal mySocial Security account.

Who can see their notice online: COLA notices are available online to most beneficiaries through the Message Center of their personal mySocial Security account if they created their account by November 17, 2021. mySocial Security is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail that are available online.

For more information see:

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Is A Fourth Stimulus Check On The Way

Certain senators have been advocating for a regular stimulus check to be distributed to residents, and this appears to be happening. Residents of the United States have seen their economic problems alleviated as a consequence of these payments, but the issue is that the obligation for extensive financial assistance is now in the hands of state governments, rather than the federal government.

On the other hand, some argue that the stimulus checks, among other measures, have had a detrimental impact on the general economy, pointing to the rise in inflation as a cause for not sending out a fourth stimulus check.

How Cola Increases Evolved Over Time

2017 Social Security Payment Schedule

Each year, the SSA announces any increases to Social Security benefits, known as COLA, to help recipients keep up with rising prices. The increases are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers , which is the official measure of the monthly price change in goods and services. Annually, the SSA compares the CPI-W for the third quarter of the previous year and current year to determine the COLA increase.

While COLA adjustments are now automatic, this was not always the case. Beneficiaries received their first COLA adjustment in October 1950. A second increase was made in September 1952 through legislation. For the next 20 years, recipients only saw their benefits increase if Congress approved it.

In 1972, Congress passed legislation to provide automatic increases linked to a rise in consumer prices. Recipients would no longer have to wait for Congress to take action to receive an increase. The first automatic increases to Social Security benefits took effect in 1975. After 1982, COLA adjustments were effective for December of each year and received by beneficiaries in January.

Here is a history of COLA increases from 1975 to 2021:

Social Security Cost-Of-Living Adjustments

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How Are Social Security Payment Dates Determined

The Social Security Administration sends out payments on three different Wednesdays of each month — the second, third and fourth Wednesday. The Wednesday you’ll get your money all depends on your birth date. We’ll break it down.

  • If your birthday falls between the 1st and 10th of the month, your payment will be sent out on the second Wednesday of the month.
  • If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of the month.
  • If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of the month.

See the July schedule below.

Your payment date depends on your birthday and when you started receiving benefits.

How Retirement Benefits Work

Social Security replaces a percentage of your pre-retirement income based on their lifetime earnings. The portion of your pre-retirement wages that Social Security replaces is based on your highest 35 years of earnings and varies depending on how much you earn and when you choose to start benefits.

When you work, you pay taxes into Social Security. We use the tax money to pay benefits to:

  • People who have already retired.
  • People who are disabled.
  • Survivors of workers who have died.
  • Dependents of beneficiaries.

The money you pay in taxes isnt held in a personal account for you to use when you get benefits. We use your taxes to pay people who are getting benefits right now. Any unused money goes to the Social Security trust fund that pays monthly benefits to you and your family when you start receiving retirement benefits.

Additional Information

Also Check: How Is Your Social Security Determined

When Will I Get My July Social Security Check

Here’s the for when you could get your Social Security check and/or SSI money.

  • SSI payment for those who receive both SSI and Social Security, or have received Social Security since before May 1997.
  • Social Security payment for those with birthdays falling between the first and 10th of any given month.
  • Social Security payment for those with birthdays falling between the 11th and 20th of any given month.
  • Social Security payment for those with birthdays falling between the 21st and 31st of any given month.

Note that was the final payment date for June.

Understanding Social Security Payments

NEW Social Security Update! | $143 Per Month Boost For Seniors | 2023 COLA (SSI, SSDI)

Social Security, officially known as the Old-Age, Survivors, and Disability Insurance program, provides monthly monetary benefits to qualified workers and their dependents . It’s considered an entitlement program, wherein employees, employers, and the self-employed finance these benefits with their Social Security taxes, which are then put into two Social Security trust funds. Eligibility and benefit amounts are based on an individual’s contributions to Social Security and work history ).

The SSA offers three types of Social Security benefits:

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When Will Social Security Make 2021 Payments

When is your birthday?

If your birthday is between the first and the 10th of the month, youll get your benefits on the second Wednesday of the month.

If your birthday is between the 11th and the 20th, Social Security benefits are deposited on the third Wednesday of the month.

If your birthday falls between the 21st and the 31st of the month, your benefits are deposited on the fourth Wednesday of the month.

If theres a Wednesday holiday, your benefits are deposited a day early. Looking at the calendar for 2021, the only holiday that falls on a Wednesday is Inauguration Day on January 20. If you are scheduled to get your benefits on that Wednesday, youll get them a day early, on Tuesday the 19th.

You can find this schedule in calendar form on the Social Security Administration website.

There are a few exceptions to these dates.

Children and spouses who receive benefits based on someone elses work record will receive their benefits on the day corresponding with the primary persons birthday.

Some people will always receive their benefits on the third of the month. These folks include:

  • People who filed for benefits before May 1, 1997
  • People who also receive Supplemental Security Income
  • If your Medicare premiums are paid by the state
  • People who live in a foreign county

The Social Security Administration typically increases benefits annually, based on inflation. These increases are called cost-of-living adjustments, or COLAs.

Where Does Money Collected For Social Security Go

The quick answer is into the governments massive retirement fund for American workers. How massive is it?

Since its inception, FICA has collected more than $20 trillion for Social Security and Medicare.

Congress enacted FICA in 1935. There were various state and local retirement funds at the time, but lawmakers decided workers needed a national safety net to keep them from spending their retirement and stuck eating cold beans every night for dinner.

That fund would also cover people who were disabled before reaching retirement.

The Social Security Board of Trustees 2020 annual report said that $1.062 billion was collected. The Social Security Administration paid $1.059 billion in benefits. The costs are projected to exceed the income by 2021 and in the years to come, sounding the alarms for future generations.

That $3 billion surplus was put into trust funds to cover future payments. The Trustees reported the total asset reserves in the trust funds were $2.85 trillion, which seems like a lot of money, and it is, but with people living longer, more benefits are going out and there are questions about whether there will be enough for your descendants.

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