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This Social Security Move Could Increase Your Benefits Up to 77%

Social Security’s trust funds will be exhausted by 2031, according to the Congressional Budget Office, necessitating substantial benefit cuts if the government doesn’t reform the program before then. That makes it all the more important for you to make smart choices to maximize your benefits, even if you’re not claiming Social Security yet. Here’s one trick that can help today’s workers increase their benefits by up to 77%.

You can claim Social Security as soon as you turn 62 or at any point afterward, but this decision has important ramifications. The Social Security Administration assigns everyone a full retirement age (FRA) based on their birth year. It’s 66 if you were born between 1943 and 1954. Then, it rises by two months for every year thereafter until it hits 67 for those born in 1960 or later.

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