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How to Beat the Average $1,661 Monthly Social Security Benefit – Buffalo News

1. Fight for higher wages

When’s the last time you marched into your boss’s office and negotiated a raise? Talking money can be uncomfortable, but in today’s labor market, workers have more bargaining power due to sky-high quit rates. And so if you do some research and see that there’s room for growth on the salary front, it pays to fight for it.

The monthly Social Security benefit you’re entitled to in retirement will hinge on how much money you make during your highest-paid 35 years in the workforce. If you’re able to snag a salary boost, you could set yourself up for a higher benefit.

2. Boost your wages with a second job

Getting a side hustle may read like a trendy thing to do, but it could actually serve the very important purpose of boosting your Social Security benefits. The wages those benefits are based on aren’t limited to what your main job pays. If you do side work on a freelance basis and report that income (which you’re required to do), it’ll count for Social Security purposes, which could potentially lead to a higher benefit.

Of course, growing your wages could work to your advantage on a near-term basis, too. It could make it easier to pay your bills as inflation roars, and it could free up more cash to pad your savings or invest with.

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