How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement

When it comes to retirement, unless you’re rich, you’re worried about whether you’ll have enough. We all are.

That’s why it’s crucial to take steps now to maximize your Social Security and minimize your pre- and post-retirement expenses.

Here’s a list of simple things to explore that could bring you more retirement money. Start with how to get more Social Security, then read the rest of the tips. They won’t all work for everyone, but read them all. There’s bound to be something that will work for you.

How to squeeze more out of Social Security

The average monthly Social Security retirement check for 2023 is $1,827. Doesn’t sound like much, does it?

We wish there was a magic bullet to radically increase your benefit. Alas, there isn’t. But there are a few things you can do to get more out of Social Security. Here are the main ones:

• Hold off till 70: If you can wait until 70 to start your payments, you’ll get 32% more monthly than you’d get at your full retirement age, and about 77% more than if you take it early, at 62. Notice we didn’t say “work until you’re 70.” If you’ve got a 401(k) or other retirement savings you can live off of, you can still retire. And you don’t have to wait all the way to 70 — every year you wait adds 8% to every check for life.
• Marry well: Generally once you’re married to someone for a year, you’re entitled to half their benefit amount, or all of yours, whichever is greater. So if you marry someone whose benefit is $3,000/month, you’re entitled to a minimum of $1,500, no matter how small your personal benefit. And should that spouse die when you’re at full retirement age, you’re entitled to 100% of their benefit as a survivor.
• Work longer: Social Security is computed based on your highest 35 years of earnings. If you’ve only paid into the program for 34 years, it will benefit you to tough it out for one more.
• Earn more: We know what you’re thinking. Duh. But if you’re earning less than this year’s maximum Social Security wage base of $160,200, and you’re nearing the end of your career, ask for a raise. It can’t hurt, and it could mean higher checks for life.

We hope some of these tips will help you get the most from your Social Security. But whether they do or not, here are several more ideas to put more gold in your golden years.

1. Hedge your bets

One of the best ways to protect your savings is diversification. Have money in different types of investments: ideally, ones that can go up when others are going down. For example, stocks tend to do poorly when inflation and interest rates are rising and there’s political turmoil brewing.

But there’s one investment that thrives in this scenario: gold.

Be careful who you deal with, though. Some companies in the gold business are shady and won’t hesitate to sell you gold and silver at vastly inflated prices.

Preserve Gold is a family-owned company committed to helping investors protect their wealth and retirement with physical precious metals. They offer gold, silver, platinum and palladium coins and bars delivered directly to your home. Plus, enjoy up to $25,000 in complimentary gold and silver, along with waived IRA storage fees for up to 5 years!

They also lead the industry in retirement account rollovers and will help to facilitate a transfer from your current custodian into a precious metals IRA.

Preserve Gold will beat any competitor’s price on gold and silver, and offers fast, free, insured shipping. And once you’re a client, they’ll buy back your metals and charge no fees.

Gold has been hitting record highs. Why not take a look right now?

2. Get a second set of eyes

Your money is obviously super important. Which is why you spend so much time and energy fretting over it.

But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.

Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer peace of mind by ensuring you’re on the right track.

They can also be there in case one day you’re not.

These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.

The process only takes a few minutes, and in many cases you’ll be offered a free consultation. What can it hurt?

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”

3. Borrow from yourself

Why settle for less when you can create the home of your dreams right where you are? Or use the cash for anything else you need?

With today’s soaring real estate prices, a home equity line of credit (HELOC) could be the answer to unlocking your home’s full potential without breaking the bank.

Instead of stretching your budget on an overpriced new home, tap into the equity you’ve built to finance those renovations you’ve longed for. Upgrade your outdated kitchen, build your dream master suite, or finally add that home office. But the flexibility doesn’t stop there – use your HELOC funds for other goals like consolidating debt, paying for education, taking a dream vacation and more!

The best part? HELOCs typically offer lower interest rates than credit cards or personal loans since they’re secured by your home’s equity. That means big savings while you build lasting value.

Don’t wait any longer to unlock your home’s potential. Visit Money.com's home equity loan table today to easily compare HELOC rates from multiple lenders and find the most affordable option. With just a few clicks, you could be on your way to an envy-worthy dream home or funding anything else on your list!

4. Dump your overpriced car insurer

How would you feel if you found out you’re throwing away $600 annually just to pad some insurance company’s bottom line?

It’s very possible. But there’s only one way to know for sure.

Take a minute and use this new insurance shopping tool from FinanceBuzz. It can tell if you’re overpaying for your car insurance with just a few clicks.

Savings will vary by driving history and how many discounts you’re eligible for, but don’t be surprised if you can find the same coverage for hundreds less. And if not? You’ll get peace of mind by knowing you’re already getting the best possible deal.

To find out if you’re losing up to $600 or more a year, just click this link, answer a few questions, enter your ZIP, email, and phone, and within two minutes you’ll see if you qualify for a lower rate.

See if you're overpaying.

5. Pay less for travel and dining

The less you pay, the more you can do. You can save hundreds every year simply by joining AARP.

Members get discounts on hundreds of things, like:

• Up to $200 per person off flights
• Up to 30% off rental cars
• Up to 15% off restaurants
• Up to 20% off hotels

You’ll also save on eyeglasses, prescriptions, meal deliveries and lots more. And that’s not all. AARP offers a Fraud Watch Network, job listings, retirement planning tools, games and tons of information, programs and resources.

Anyone trying to save more and spend less can’t afford not to join AARP, especially since the cost is as low as $12 per year with auto-renewal. You’ll likely recoup the cost in the first week.

They even give you a free gift to sign up!

6. Destroy your credit card debt

We all set out to retire debt-free. A worthy goal, but one not everyone can achieve. If you’ve got a debt problem, the sooner you deal with it, the better.

If you have over $20,000 in debt, National Debt Relief is one of the most respected providers of debt relief in the U.S.

They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also top-rated by Top Consumer Reviews, Top Ten Reviews, Consumers Advocate and Consumer Affairs.

You simply fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.

National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life.

Don’t wait another minute. Check them out right now.

7. Invest now for a stable monthly income for life

The clock is ticking. The government has said rates will start declining this year, and the interest on savings accounts and CDs is already starting to come down.

Now’s the time to lock in a high rate on your savings before it’s too late.

With a Gainbridge® SteadyPace™ annuity, you can lock in a guaranteed 5.50% APY — that’s four times higher than the national average CD rate!*

Not only does Gainbridge® SteadyPace™ provide higher returns, it allows for your savings to grow tax-deferred, making your money work harder for you.

Gainbridge® also offers the flexibility of free withdrawals of up to 10% in aggregate, beginning in the first contract year, with no hidden fees.**

Get started today and beat the banks at their own game! Click here for information about SteadyPace™ and lock in your 5.50% APY today.***