Although we may not think about it every day, retirement is what we work for. That moment of leaving active working life will come eventually, either because we reach the legal retirement age or because our health no longer allows us to work. In any case, the important thing is to have a guaranteed income at the end of each month. That’s why it’s important to know all the information about how to access that retirement, including some tips that can help us receive more money each month. For example, choose the right retirement age, because if we choose to retire at 67 or earlier, we’ll earn less money, while if we wait until 70, the benefit increases.
If you postpone applying for retirement benefits beyond your full retirement age, your payments will increase slightly
It’s important to keep in mind that new income limits will take effect in 2026, and it’s wise to familiarize yourself with them in advance. As mentioned above, if you postpone applying for retirement benefits beyond your full retirement age, your payments will increase slightly, which equates to an additional 24% if you choose to retire at age 70. It’s also important to know that if you haven’t yet reached full retirement age and are receiving benefits, Social Security will deduct $1 from your benefits for every $2 you earn above $23,400 per year.
The Social Security Administration (SSA) calculates monthly payments based on the average earnings over the 35 highest-earning years
Another important point to avoid losing money in this area is understanding that it’s essential to have worked at least 35 years. The Social Security Administration (SSA) calculates monthly payments based on the average earnings over the 35 highest-earning years. If you’ve worked fewer years than this, those years are treated as zero, as if you had no income, and therefore reduce your overall average retirement income.
For example, as experts explain, if someone is now in a good job and earns significantly more per month than in their early working years, it’s good news because the years of accumulated work experience can compensate for years of low or no income. This might not be noticeable now, but it will become clear when retirement arrives. Increasing income during one’s working years can also increase retirement benefits, although there’s a catch. Salaries above the taxable income ceiling of $176,100 in 2025 will not generate additional benefits.
If married, a person may be eligible for spousal benefits equal to half of their spouse’s benefit when that spouse reaches retirement age
As we mentioned earlier, there will be some changes to Social Security and retirement benefits by 2026, although certain aspects will remain the same. According to projections, the $23,400 limit will increase to $24,360, and the $62,160 limit will rise to $64,800. It’s also important to remember that marital status, whether married or divorced, can be taken into account. For example, if married, a person may be eligible for spousal benefits equal to half of their spouse’s benefit when that spouse reaches retirement age. This last point is important, as it is only available once the legal retirement age is reached. If someone has been married for at least ten years, they may also be eligible for benefits, provided they have not remarried.
With all this in mind, the important thing is to consider the number of years worked and the lifestyle you want to lead in retirement. Some people may prioritize having free time, dedicating their retirement to family, themselves, and the things they enjoy most, and therefore choose to retire early at 62 or wait until 67. Others, however, may prefer to save more money, retire at 70, and have a higher income at the end of the month. It’s a matter of priorities.
