Here is the bad news. The average monthly Social Security benefit recently was just $ 1,559, or about $ 18,700 a year. It may not look like the perfect annual income you can live on when you retire. The good news is that you can և supplement it with other sources of income, such as pension bills, annuities, dividend-paying stocks, and maybe even a pension, among other things.

And here is the better news. There are many ways you can save a considerable amount of money over $ 1,559 a month. For starters this is a great way to get started. So many people earn more. Here are three ways to overcome this average.

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Earn more!

This is probably the most obvious one. Earn more! Your Social Security benefits are based on your earnings for working life. In particular, they are based on earnings adjusted for inflation during the 35 years in which you earned the most. So it’s worth the work, if you can, for at least 35 years, so no zero will be counted in the calculation, which will result in benefit checks that may be lower.

Here is a trick. If you now earn significantly more than you did in the past (again, adjusted for inflation), after each of the 35 years you have worked, you will have the lowest income for each year, replacing it with a relatively high-income year, which will strengthen your benefits.

If you are no By earning a lot more than you had before, you can, in the words of Star Trek’s Captain Picard, “do it.” Earn your earnings for a few years or many years by taking one or two side concerts. Think about how you can earn more money, which at least seems a little attractive. Maybe you drive for a walk on the weekends? And do you rent your house or apartment from time to time? Make և sell items online – jewelry, handicrafts, candles, photos, etc.? Are they freelancers or contractors? There are many possibilities.

Delay begins to collect

Here is a trick. Postpone your Social Security benefits if you can. (Not everyone can. Many of us appear earlier than expected due to factors beyond our control.) You can start collecting benefits at the age of 62 և already at the age of 70. Most of us have a “full retirement age” at which we can start collecting all the benefits we are entitled to based on our income history; your probability is 66 or 67. Each year after the full retirement age you defer enrollment, your benefits will increase by about 8%. So delaying from age 67 to age 70 will increase your checks by about 24%.

This may sound strange, but keep in mind that if you start early or early, you will get a lot more checks. The system is designed to provide approximately the same general benefits, regardless of when you start collecting, if you live a mediocre life. However, procrastination is a powerful strategy for those who expect or hope to live longer than average lives.

Marry a high-income person

Finally, there is a strategy that I came up with mostly as a joke. Marry a high-income person. That’s not the best reason to marry someone. But if you? to have Are you married to someone who has earned much more in your working life than you can afford in terms of social security? First of all, when you both receive benefits, they will be higher because of your spouse’s larger checks.

If your partner dies before you do, your household goes through only one of two social security checks, but you do not stay with your baby. You are allowed to start getting bigger than two from that moment. So this is another way to end up with bigger checks.

There is so much to learn: learn about Social Security և it is worth encouraging it at least a little, as you can find other ways to increase your benefits or benefit more from a valuable program.