Many workers are worried about the fact that Social Security may run out of funds in about a decade. While it’s not true that younger employees won’t receive any benefits, it is likely they may receive less than what current retirees are enjoying.

This situation can be frustrating, particularly for those who haven’t managed to save enough for their own retirement. However, while you have no control over the future of Social Security, you can take three significant steps to maximize your benefits from the program.

1. Work for a minimum of 35 years

To determine your Social Security checks, the Social Security Administration evaluates your average monthly earnings—adjusted for inflation—over your top 35 earning years. This initial figure is referred to as your average indexed monthly earnings (AIME).

You can qualify for Social Security benefits with as little as 10 years of work (not necessarily in a row). Nevertheless, if you want to maximize your benefits, it’s crucial to stay in the workforce for at least 35 years before you apply, if possible.

If you apply for benefits with a shorter work history, the government includes years with no income in your calculations, which can significantly reduce your checks. For instance, if someone earns $50,000 (adjusted for inflation) over 35 years, their AIME stands at $4,167 per month. However, if they only worked 34 years, including one zero-income year means their AIME drops to $4,048 per month—a loss solely due to that one non-earning year.

2. Choose the right time to apply for Social Security

Your application timing also influences the size of your benefit checks. You’re eligible to receive your standard Social Security benefit at your full retirement age (FRA), which ranges from 66 to 67 for workers today.

You can start your application as early as 62, but doing so before reaching your FRA could reduce your checks by up to 30%. Conversely, postponing your benefits past your FRA (up to age 70) could increase your checks by as much as 32%.

While it may seem sensible to delay benefits for a larger monthly payment, this might also result in fewer total payments received throughout your lifetime. This method isn’t economically feasible for everyone. For those with serious health concerns, waiting to file for Social Security might lead to a smaller overall benefit than claiming it early.

Ultimately, you need to decide what’s best based on your financial situation and life expectancy. You might find it helpful to sign up for a my Social Security account, where you can utilize the benefit estimator to see how much you could expect to receive at various claiming ages between 62 and 70. Take a few potential ages and calculate your expected lifetime benefits based on those amounts to determine the optimal claiming age without jeopardizing your financial stability.

3. Discuss with your spouse if you’re married

If you’re married, the decision about when to claim Social Security should take into account both partners’ incomes and life expectancies, as mentioned earlier. It’s also essential to consider how the decision will affect your spouse’s benefits.

When both spouse’s earnings are similar, they typically both end up claiming their own retirement benefits. To maximize their total lifetime benefits, it is often advisable for both to delay claiming for as long as possible—unless health issues or financial limitations prevent this.

If one spouse earns significantly more than the other, it might make sense for the lower earner to claim early. This could allow the higher earner to delay their claim and secure a larger benefit. Once the higher earner applies, the lower earner can switch to the spousal benefit if it proves more beneficial.

It’s wise to have a plan for when each partner intends to claim Social Security but also be flexible with your strategy. Regular communication with your partner and staying informed about any significant changes to the system that might impact your decisions is crucial.

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