A 10-Minute Social Security Check to Improve Your Income
Financial planning for retirement can be difficult. But there are simple steps you can take to increase your lifetime income.
Here’s a short checklist you can use to review your current situation and determine if you might be leaving money on the table.
1. Verify your income record
Start by getting a summary of your current Social Security information. You can create or sign in to your Social Security account through the Social Security Administration website to see your lifetime benefits and an estimate of how much you will receive in benefits.
This summary lets you see how much you can get from Social Security, but it also gives you a chance to see any mistakes in your income. Addressing any mistakes now can lead to higher evaluations in the future.
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2. Check when to apply for Social Security
If you delay claiming Social Security, you may end up receiving a large benefit. In 2026, if you apply at 62, the maximum benefit is $2,969 per month, depending on your living wage. However, the maximum amount increases to $5,181 per month if you wait to claim it until you are 70 years old.
Your benefits increase every year you wait, but the growth in your checks increases to 8% a year when you reach your full retirement age, 66 or 67, depending on when you were born, until you’re 70.
While it makes financial sense to wait until you’re 70, that’s not possible for everyone. Some people need money to make ends meet now, and while full-time or part-time work is an option, not everyone can return to or stay in work.
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3. Plan taxes and Medicare
Social Security is not taxed like ordinary income, but it is still taxable, depending on how much you report each year. Remember, any withdrawals from a traditional retirement account are treated as ordinary income, so you may end up with higher tax rates than you would expect.
Depending on how much you earn from Social Security, regular retirement account withdrawals and other sources, up to 85% of your earnings may be taxable. That’s why it usually makes sense to take Social Security if you’re already retired and your income is lower than when you were working.
You also have to pay Medicare Part B premiums, which are automatically deducted from your Social Security check, as long as you get Social Security while you’re enrolled in Medicare. You will be charged directly for Medicare premiums if you delay Social Security, so you cannot avoid these premiums in any way. However, it is wise to calculate your Social Security adequacy while considering Part B premiums, which will reduce your checks.
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