$450 increase in Social Security Checks – Here’s the one way retirees can secure it, aside from COLA

Receiving a yearly cost-of-living adjustment (COLA) is a welcome boost for millions of Social Security beneficiaries. However, what many people may not know is there’s another way to potentially increase your monthly check by as much as $461. While COLA increases are beneficial, they’re usually modest.

Last year, the average increase was just $59 per month. Looking ahead, the 2025 COLA is expected to be even smaller. Luckily, there’s another strategy to maximize Social Security benefits that can yield a much larger increase—but it comes with some important considerations.

Age

Most people are aware that the age at which they start claiming Social Security affects their benefits. Your “full retirement age” (FRA) is when you’re eligible for your full benefits, and for most workers today, that’s between age 66 and 67.

However, you can start receiving benefits as early as 62. If you do, your monthly checks will be reduced. For every month you claim before FRA, you lose a fraction of your benefit—5/9 of 1% for the first 36 months, and 5/12 of 1% for every month after that.

On the flip side, you can delay your benefits until age 70. Every month you wait beyond your FRA, your check increases by 2/3 of 1%. This could add up to a 32% boost if you delay from age 67 to age 70. For those who can afford to wait, this strategy can lead to a significant increase in Social Security income over the long term.

Suspending

One little-known option is to suspend your Social Security benefits once you reach your FRA and resume them later. For example, a 67-year-old who receives the average Social Security payment of $1,919 per month could see that payment grow by about $461 per month if they suspend payments until age 70. That would bring their monthly payment to $2,380 when benefits resume.

During this suspension period, the person would miss out on about $69,000 in total benefits from age 67 to 70. However, by delaying benefits and then collecting the higher payments, the total amount received by age 85 would be higher than if they had continued collecting earlier. If they didn’t suspend benefits, they’d receive $414,504 by age 85, but by suspending benefits, they would receive $428,400—a clear long-term gain.

Here’s a breakdown of the potential benefit difference:

Age	Benefit Without Suspension	Benefit With Suspension
67	$1,919	$1,919
70	$1,919	$2,380
85	$414,504	$428,400

Affordability

This strategy sounds appealing, but it’s important to consider whether it’s practical for you. Many seniors rely heavily on Social Security for their retirement income. In fact, over one-third of retirees aged 65 and older get at least half of their income from Social Security. For these individuals, suspending benefits may not be a realistic option. After all, how can you live without that income for several years?

However, for those who continue working after reaching FRA, suspending Social Security might make financial sense. By continuing to earn a salary, you can hold off on collecting benefits and give yourself a significant raise later on. Plus, this doesn’t have to be an all-or-nothing decision. You can suspend benefits for as long or as short a time as you like—even a few months could result in a noticeable bump in your monthly payments.

Decision

Deciding whether to suspend Social Security benefits depends on multiple factors. First and foremost is life expectancy. If you’re in good health and expect to live for several more decades, delaying your benefits can result in higher lifetime income. But if health issues or financial pressures make waiting difficult, it might not be worth it.

Another factor to consider is how much of your retirement income comes from Social Security. If it’s a small portion, suspending your benefits is a more feasible option. But for those who rely on Social Security as their main source of income, it could be risky to go without those payments for months or years.

In the end, there’s no one-size-fits-all answer. It’s a decision that requires careful consideration of your financial situation, health, and retirement goals.

If you can manage to suspend benefits, the reward can be well worth the wait. By doing so, you’ll secure a higher monthly payment for the rest of your life, which can make a big difference in the long run.

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