Here’s how ‘average earning’ Americans get 77% more in Social Security — even if they’re already collecting benefit checks

Rule No. 1: Delay benefits until age 70

The first — and arguably most powerful — strategy involves delaying your Social Security benefits until age 70.

Retired workers born in 1960 or later can increase their monthly benefits by up to 77% simply by waiting to claim Social Security at 70 instead of the earliest eligible age of 62.

How it works: Social Security calculates benefits based on your primary insurance amount (PIA) — the monthly payment you’re entitled to at your Full Retirement Age (FRA), which is currently 67 for those born in 1960 or later.

If you start collecting at 62, your benefits are permanently reduced by up to 30%. But waiting past your FRA adds delayed retirement credits to your PIA, boosting your benefits by 8% per year until you hit 70.

To put this in perspective, let’s say your PIA at 67 is $1,800. If you start collecting at 62, your monthly check would drop to around $1,260. However, by delaying until age 70, your benefit would rise to about $2,232 — a 77% increase compared to claiming at 62.

This strategy is especially beneficial for retirees who expect to live into their late 80s or beyond, as the higher monthly checks add up significantly over time. For couples, delaying benefits for the higher-earning spouse can also maximize survivor benefits, providing additional financial security for the surviving partner.

Retire richer: The secret to building wealth faster

Most people miss out on key opportunities to grow their wealth. Partnering with the right financial advisor can help you secure a brighter future. Learn how to make your money work harder for you today.

Discover the secret

Rule No. 2: Social Security’s ‘do-over’

But what if you’ve already started collecting benefits? That’s where the Social Security do-over rule comes in. This lesser-known provision offers retirees a second chance to boost their monthly benefits, even after they’ve started receiving payments.

How the do-over works: Social Security allows retirees to withdraw their application for benefits and repay the amount they’ve already received. By doing this, you essentially erase your initial claim and reset your eligibility, allowing you to reapply later and lock in a higher monthly payment. However, there are some important conditions:

You must act within 12 months of your initial claim. If it’s been more than a year since you started collecting, the do-over rule is no longer an option.

You must repay all benefits received. This includes payments made to you and any dependents or spouses who also received benefits based on your record. It’s a significant financial hurdle, but for those who can afford it, the long-term payoff can be substantial.

For example, imagine you began collecting benefits at 62 but later received an inheritance or other financial windfall. By repaying the benefits received and delaying your new claim until 70, you could still capture the 77% increase.

The do-over rule is particularly advantageous for retirees who initially underestimated their longevity or financial needs in retirement. It’s a way to recalibrate your Social Security strategy, provided you have the resources to make it work.

Why these rules matter

Nearly 60% of Americans say Social Security is a "major source" of their retirement income, according to 2024 Gallup research, so moving the 77% increase from nice-to-have to potentially game-changing.

According to the Social Security Administration, the average monthly benefit for retired workers was $1,925 in late 2024. With the 77% boost, that could jump to more than $3,407, providing much-needed financial flexibility for medical expenses, travel, or simply maintaining a comfortable standard of living.

While these strategies can dramatically increase your benefits, they aren’t one-size-fits-all. Waiting until 70 to claim Social Security means you’ll need to rely on savings, pensions or other income streams in the meantime. Make sure your retirement plan can handle the gap years.

Repaying benefits can be a tall order for many retirees. If you’re considering this option, consult with a financial advisor to evaluate its feasibility.

Finally, delaying benefits can pay off if you’re in good health and have a family history of long lifespans. But starting earlier might make more sense if your life expectancy is shorter.