Nearly 70% of U.S. adults on Social Security have had to adjust their lifestyle due to benefits not keeping up with cost-of-living increases. There are limited options to increase benefits once you start receiving them, but there is a lesser-known strategy that could potentially boost your benefits by hundreds of dollars per month. Changing your filing age can have a significant impact on your benefit amount, and withdrawing your application within 12 months of filing could allow for a do-over, resulting in a larger benefit. Additionally, delaying benefits can lead to a substantial increase in monthly payments, with the average retired worker collecting $807 more at age 70 than at 62.

Filing age is crucial in determining your benefit amount, with filing at full retirement age earning you 100% of your payment. Making changes to your filing age can result in a higher monthly benefit amount, with the average benefit at age 70 being $2,148 compared to $1,342 at age 62. While paying back benefits and suspending Social Security are options if you change your mind after filing early, it is essential to consider all options to maximize your benefits. Delaying benefits can lead to larger monthly checks, but it’s important to assess whether filing early may be more beneficial based on your life expectancy.

There are strategies to increase your Social Security income, such as maximizing benefits and learning “Social Security secrets” that could boost your retirement income by as much as $23,760 per year. By understanding all the options available, you can make informed decisions to secure a comfortable retirement.

Read more at Nasdaq: This Overlooked Social Security Move Could Add Hundreds to Your Monthly Check