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Social Security: Tips To Maximize Social Security Benefits For Your Household

Updated: Jan 16

The Social Security Program got incorporated in the US in 1935 to offer a steady income to specific workers after retirement. It got expanded later to include all categories of the workforce. Presently, it is the most crucial Pension, serving as the critical Financial Lifeline for elderly US residents, post their retirements.

The fact is, Social Security offers more than 50% of the Americans a minimum of 50% of their income. The pension plan involves specific rules and regulations regarding the receipt of the benefit.

Today, more than 50 Million US people depend on the Social Security Program, as the vital source of income after retirement. Though the majority of the Americans never aspire to find their post-retirement life with this program solely, it is still a vital source of income for the mass. As such, you can state, this program is extending significant benefits to the elderly Citizens in the US. Besides, it makes sense to explore the key points about the Social Security Program.

How the Social Security Program Benefits elderly US Citizens after their retirement?

The Social Security Program benefits older adults in the US in various ways. First and foremost, it ensures a steady cash flow during their retired life. SSI benefits can be used for things like assisted living, and other expenses during retirement. Besides, the plan fetches disability and Survivor Benefits. The fact is, without this coverage, the majority of US residents will find themselves in a very unfavorable financial condition.

Here come the vital points that will be relevant to mention in this regard:

Retirement Benefits:

It is the starting point, speaking about the benefits available from the Social Security Program. These supports are available for individuals over the age of 62 years, provided they have been a professional for at least ten years. The pre-retirement salary determines the extent of the available benefit.

Besides, the age of the beneficiary is another factor in determining the value of the coverage. One can include his/her spouse or Divorced spouse to this program as a beneficiary.

Disability Benefits:

Under this coverage, a disabled person will receive some additional funds besides the Basic Retirement Benefit. The value gets determined by the age of the disabled, his/her salary, as well as the amount received as the Retirement Benefits. Again, one can cover his/her spouse or divorced spouse under this coverage.

Survivor Benefit:

This coverage aims to benefit the survivors of the policyholder after he/she passes away. Typically the coverage helps the Widows and Widowers, children, as well as divorced spouses. After 2015, Same-Sex couples are eligible for the benefits under this program.

Social Security benefits can be confusing to understand. If you have questions, it’s always best to go to a Social Security location near you to double-check on anything you are unsure about.

How to Maximize Social Security Benefits For Your Household?

If you are on the verge of retirement, you need to give adequate consideration to maximize the value of the benefit from the Social Security Program. You can likely get some inappropriate advice from the Social Security Representatives. Such will cost you some crucial money.

Hence, you must hold concise knowledge about expanding the benefit at a later stage, even if you have started getting the benefits early. Most importantly, you must approach the program in a considerate manner, as the extent of Social Security Scams is rising significantly. Here come some simple yet effective tricks and tips to safeguard your rights and interest.

In case you are a married applicant and wish to cover your children within this program, check how your claims are likely to affect them. For example, if you are suspending the coverage at your wish, your spouse and children may not benefit from this program. As a trick in this regard, to get more benefits, you need to raise the claim at a younger age in the long run. It entitles you to get coverage for your dependents.

Usually, the Benefit for the Dependent Child is 50% of the claim raised by the parent, even if the claim arises at an early stage.

Here are the factors that play a determining role:

The total count of children in a Family.

When are they attaining 18 years of age?

The value of benefit available to the spouse.

The gap in age between the spouses. Keep in Mind that the Benefits to the Survivors drop down significantly if the claim arises too early.

How Does Social Security Work?

To pick the right contribution scheme, it is essential to know how the program works. The Function of the Social Security Program is based on a common fund, funded by the contributors. The fund raised in this manner gets extended to the qualifying members, who need such support. It is like building savings to support your retirement life- you start paying when you are working, and you get the benefits, once you retire.

For every dollar you contribute, 85% comes back to the policyholder personally, and the remaining 15% contribution benefits his/her survivors. Put in simple terms, it is all about creating a fund that you will enjoy when you need it the most.

To qualify for these benefits, you require accumulating adequate Credit Points during your working years. For instance, in 2017, contributors would have received One Credit Point for each 1300 USD earned. You can accumulate up to 4 Credit Points per year. If you are born after 1929, you must have accumulated 40 Credit points, or have worked, at least for ten years to qualify for the Retirement benefits under this program.

But, to get disability benefits, you need lesser credit points in your account. In case you opt for the survivor benefits, you will receive around 4/5th of the total contribution yourself, and the remaining benefits your legal heirs after your demise.


The Social Security program has been a significant point in the life of the elderly citizens in the US, after their retirement. Their lifestyles have dropped down significantly, provided they were not getting the coverage. As such, retired people in the US majorly depend on this program for expenses such as retirement homes and other daily living costs, as it significantly benefits all older adults. Therefore, while planning your retirement, you must give due attention to this program. You will surely appreciate it once retirement arrives when you have done all the right things when it comes to Social Security.

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