✅Free Strategy Session ✅ https://www.foundryfinancial.org/retirement-assessmentMost people glance at their Social Security statement, assume the number is fixed, and move on. It's not.
In this episode, Kevin breaks down exactly how your Social Security benefit is calculated — including the earnings indexing formula, the bend point system, and why having fewer than 35 working years can quietly cost you thousands. More importantly, he walks through five specific strategies you can use to increase your benefit before you claim.
What's covered:
- Why zeros in your earnings record hurt more than you think
- How married couples can coordinate benefits to maximize both spousal and survivor income
- The one government error that could be silently reducing your benefit right now
- Why delaying to 70 can mean $1,400+ more per month — for life
Social Security is the only source of retirement income that's guaranteed, inflation-protected, and lasts as long as you live. Getting this decision right matters.
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Hey, welcome to another episode of Retirement Made Simple.
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I'm your host, Kevin Lum. I'm a certified financial
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planner based in Los Angeles, and this podcast is dedicated to
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helping a million people retire without worry.
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As a quick reminder, every episode here comes straight from
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our YouTube channel. So this is just the audio so you
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can listen while you're walking, driving or living your life.
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Let's dive in. So I received a question from
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someone the other day and they said, Kevin, I looked at my
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Social Security statement. You always talk for how
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important Social Security is, and I'm not happy with the
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number. Is there anything I can do to
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increase my benefit? And that's a great question
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because if you've been watching this channel, you know the power
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of guaranteed income to the success of your retirement plan.
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And for most people, watching Social Security is going to be
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your best source of inflation protected guaranteed income in
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retirement. And the answer to their question
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is yes, there are actually several things you can do to
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increase your Social Security benefit.
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And so by the end of this video, you're going to know five
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specific strategies that can help you increase your Social
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Security check. And honestly, you will know more
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about how your Social Security benefit is calculated.
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The most financial advisors. Now, before we jump into the
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strategies, I want to spend a few minutes explaining exactly
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how your Social Security benefit is calculated.
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Because once you understand the mechanics, these five strategies
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are going to make even more sense.
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But if you already have a deep understanding of how your
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benefits are calculated, you're like, I don't need to go through
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do that again. You can go ahead and use the
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chapter titles and go ahead and skip forward.
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But I really do think the next few minutes is going to be very
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helpful if you just have a basic understanding of how your
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benefit is calculated. So the Social Security
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Administration uses a multi step process to determine your
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benefits. So here's the first step.
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Every year that you've worked and paid Social Security taxes,
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the Social Security Administration has a record of
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how much you've earned. Now there is a cap on how much
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of your income is subject to Social Security tax or subject
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to FICA. In 2026, that cap is $184.
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In 2025, it was 176. So it is.
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It's adjusted for inflation, But if you earned $250 in 2026,
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only $184 is going to count towards your Social Security
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calculation, and only 184 is going to be subject to FICA tax.
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Anything above that amount the Social Security Administration
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ignores. And like I said, that cap
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changes every year. It goes up with wage inflation.
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So as inflation increases, that cap increases.
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Back in 1990, the calf was 51 and 2000 it was about
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$76. So these numbers have gone up
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significantly over the past few years.
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So that's step one. Step 2 is they adjust your
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earnings for inflation. This is something that most
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people miss. The Social Security
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Administration doesn't just look at your raw earnings, they index
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them. So let's say you earned $30
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back in 1995. Well, $30 in 1995 had a lot
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more purchasing power than $30 has today.
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So the Social Security Administration adjust that
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number upwards using something called the National Average Wage
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Index to make it comparable. So that 30 from 1995 might
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get indexed to say 65 or $70.
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Now they only index your earnings up to age 60.
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Any earnings after age 60 are counted at their actual a dollar
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amount with no adjustments. And this is an important nuance
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because if you're still working in your 60s and earning a high
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income, those earnings don't get the benefits of indexing, but
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they're often still high enough to replace some of the lower
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indexed years in the formula. Are you confused yet?
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So first of all, they look at all your earnings years, and
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then next thing they do is they index those numbers via this
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wage inflation index. They try to make the earnings
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comparable to what it would be with inflation.
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And then step three, they pick your 35 highest earning years.
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So after all your earnings have been indexed, the Social
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Security Administration takes the 35 highest earning years.
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Not consecutive years, not your most recent years, but your 35
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high highest earning years. And this is where things begin
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to get a bit interesting. If you've worked more than 35
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years, only the top 35 count, the lower years get dropped.
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And that can be great news. If you had early in your career,
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you were making a very low salary, that's going to get
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pushed out of the calculation in favor of your higher earning
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years. But on the other hand, if you've
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worked fewer than 35 years, the Social Security Administration
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is going to plug in 0 zeros for the missing years and those
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zeros get averaged in just like everything else.
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So for example, if you've worked 30 years, you've got 5 zeros in
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your calculation, which draws your average down, which impacts
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what you'll receive and Social Security.
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And I've seen how this can impact people's Social Security
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benefit, right? If you had gaps in your career,
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maybe you started a company and weren't paying yourself much for
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a few years. For example, when I first
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started this firm, my salary is very low back.
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My salary is non existent and so each of those years is going to
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be a 0 for me. Say or let's say you took a
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break, maybe you wanted to travel the world or something
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and so you had a career break. Those years are going to count
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as zero. Now if you have over 35 years,
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not a problem, those years are going to fall off.
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But if you've only worked 30 years, you're going to have some
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zeros, and those missing years can really impact your benefit.
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So that's step three-step 4. For those of you who are still
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watching this section, next they calculate your average index
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monthly earnings. So let me explain.
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So once they've taken your 35 highest index years of earnings,
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they add them all up and then they divide it by 420, which is
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35 years times 12. And that gives you a monthly
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number called your AI AME, or your averaged indexed monthly
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earnings. Think of your AIME as your
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starting point for your benefits.
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It's essentially your average monthly income over your best 35
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years adjusted for historical wage levels.
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So let's say your 35 highest years of index earnings add up
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to 2.1 million. You divide that number by 420.
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And so your averaged index monthly earnings is $5000.
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Now that 5000 is not your monthly benefit Step 5.
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They apply the benefit formula using the BIN system.
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This is the part that most people have never heard of, and
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it's actually one of the more interesting pieces of the Social
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Security calculation. The Social Security
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Administration uses a progressive formula to convert
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your average index monthly earnings into your primary
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insurance amount, often referred to as your PIA.
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Your PIA is essentially your monthly benefit at your full
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retirement age, normally age 66 to 67.
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The formula works like this. They take the first chunk of
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your average index monthly earnings up to a certain dollar
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amount called the bin point, and they replace 90% of it.
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Then they take the next chunk between the first bin point and
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the second bin point and they replace 32% of it.
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And then anything above the second bin point, they replace
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just 15 percent of it. Now the bin point changes every
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year. In 2025, the first bin point was
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$12126.00. The second bin point was 7391.
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So let me just kind of walk you through an example for the three
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people who are still watching. So let's say your average index
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monthly earnings is $5000. Here's how the math works.
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The first 12126 dollars gets multiplied by 90%.
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That gives you $11103.00. The next chum from 12/26 to
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5000, which is 3744, it gets multiplied by 32%.
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That gives us $12108.00. And in this case, there's
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nothing above the second BIN point because your averaged
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index monthly earnings was 5000. So now we add those numbers
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together we put $11103.00 + 1200 and $8.
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And so your primary entrance amount at your full retirement
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age would be roughly $2300 a month.
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Now here's why this matters. This is a progressive formula.
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Lower earners get a much higher percentage of their income
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replaced by Social Security than higher earners do.
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So if your averaged index monthly income is $1000 a month,
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you're getting 90% of that replaced.
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But if it's $8000 a month, the dollars above that second bend
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point are only being replaced at $0.15 on the dollar.
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This is by design because Social Security is meant to provide a
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larger safety net for lower income workers.
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And it's also why Social Security alone isn't enough for
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high earners to maintain their lifestyle in retirement.
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Step 6. There's one more step left.
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We calculate your primary insurance amount, but the next
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step is going to determine what your benefit is.
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So you take your primary benefit amount or your PIA.
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Your primary insurance amount at your full retirement age for
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most people watching is probably age 67.
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But if you claim before age 67, your benefit, if it gets
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permanently reduced, if you claim it 62, which is the
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earliest you can claim, you're going to have about a 30%
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reduction in your benefit. And if you delay past your full
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retirement age, your benefit increases by about 8% a year
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until you hit age 70. After age 70, there's no
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additional increase. There's no reason that anyone
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would ever delay past age 70. And then on top of all this,
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once you start receiving your benefits, your payment gets
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adjusted annually for inflation through a cost of living
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adjustment. So in a year where inflation is
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3%, your Social Security check should go up by 3%.
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Now there is an argument over what inflation index they're
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using, but that is for another video.
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And this is one of the reasons that I'm such a fan of delaying
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Social Security because it increases your guaranteed income
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for life. That is inflation protected.
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Now there are 1 people with a million opinions on when
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you should claim Social Security.
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This video is not trying to be one of them.
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But that is one of the reasons I tend to favor delaying your
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benefit because it's an inflation protected guaranteed
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income for life and it's on the few sources retirement income
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that has built in inflation protection.
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So when you put all this together, your Social Security
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benefit is driven by how much you earned, how many years you
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worked and when you claim and that leads to what you've been
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waiting for for I don't know how many minutes I've been going on
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here too long. That leads into the five
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strategies that you can use to increase your Social Security
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amount. So when you put all this
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together, your Social Security benefit is driven by how much
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you earned, how many years you worked, and when you claim.
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And that's exactly why the five strategies I'm going to share
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can make such a big difference and your benefit amount.
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And everyone rejoiced because finally I'm getting to the five
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strategies. Now, I know everyone didn't need
00:12:01
to know how the system worked, but I think for a few of you,
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it's really helpful to understand the mechanics behind
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your Social Security benefit. OK.
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The first strategy is delay your benefit.
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This one is not shocking to most of you, but it's probably the
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most powerful lever you have. If your full retirement age is
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at age 67 and you claim at age 62, your benefit, like I told
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you, is reduced by about 30% and that is a permanent lifetime
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reduction. On the other hand, for every
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year you delay past your full retirement age up to age 70,
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your benefit grows by about 8% per year.
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So let's put some real numbers around this.
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Let's say your benefit at full retirement age is $2500 a month.
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If you claim early, that benefit drops to about $17150.00.
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But if you delay to age 70, that lifetime inflation protected
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benefit jumps to $3100 a month. That's almost $1400 more per
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month than claiming early and that's before we factor in the
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cost of living adjustments. Now I know some of you are
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thinking, look, I've watched your other videos.
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Didn't you just talk about how delaying isn't always the right
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move? Or haven't you talked about it?
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Yes, yes, there are a lot of trade-offs that go into this
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calculation and delaying does not make sense for everyone.
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If you are in poor health, if you need the income now or if
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you have other factors of play, claiming earlier might be a
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better decision. But if you're healthy and you
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have other income sources to bridge the gap, delaying is one
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of the single best ways to increase your guaranteed
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inflation protected lifetime income, which is really key to
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putting together a solid retirement plan.
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OK, so that's strategy one. Strategy 2 work at least 35
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years. How's that for some advice?
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Now that you understand how the calculations work, this one
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should make sense because the Social Security Administration
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takes in your highest 35 years of indexed earnings.
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So if you work fewer than 35 years, they're going to plug in
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zeros, and those zeros are going to drag down your averaged index
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monthly earnings, which drags down your primary entrance
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amount, which drags down your monthly Social Security check.
00:14:24
So let's say you worked for 30 years and you had a solid
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income, while the Social Security Administration is still
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averaging over 35 years, which means you have 5 zeros in your
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earnings calculation. For example, when I first
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started this firm, I had no income, and so I have zeros on
00:14:40
my earnings calculation. And so if I don't have enough
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years, I might need to work a bit longer to increase my Social
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Security benefit. And so having less than 35 years
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can reduce your benefit potentially more than you think.
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So if you're in your late 50s or early 60s and you've only
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worked, say, 28 or 30 years because you took a break or had
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some low earning years, replacing that zero in that
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formula with real earnings can be helpful, right?
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That can cause a meaningful bump and your benefit.
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Now not everyone who had some zeros or low earning years
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should work longer to get a higher benefit.
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For example, if you're 0 is because you started a business
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or something like that or you took a break to travel the
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world, maybe you should work longer.
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On the other hand, if you are married and you have some zeros
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because you stayed home to help raise kids, well, you might
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qualify for a spousal benefit, which can be 50% of your
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spouse's primary insurance amount when they claim.
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If that's you right and your spouse's primary insurance
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amount is 4000, you're going to get 50% of that benefit.
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It's 2000. And so working longer to
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increase the number of earnings years you have isn't going to
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have that big of an impact because maybe it's still not
00:15:53
going to be as much as the spousal benefit.
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So that's just one other thing to take into account.
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But as a general rule, you should know that if you have
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less than 35 years or you have some low earning years, working
00:16:05
a few more years can make a difference in the size of your
00:16:09
Social Security check. So that's the second strategy.
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Strategy #3 increase your earnings.
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Now don't roll your eyes. I know some of you are like,
00:16:17
well, if, if only is that easy? This one sounds obvious, but
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stay with me for a moment because there's a bit of nuance
00:16:23
here, right? Your Social Security benefit, as
00:16:25
you know, is based on your earnings history.
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So the more you earn during the working years, the higher your
00:16:30
average index monthly earnings amount is going to be, which
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means the higher your benefit is going to be.
00:16:36
Now remember, there's a cap in 2026.
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Only the first $184 of your earnings are subject to Social
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Security tax and are going to count towards your benefit
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calculation. So the earnings above that cap
00:16:49
won't help your Social Security benefit.
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But for many people, they're not hitting that cap anyway.
00:16:55
So here's what it could look like practically.
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It could mean that if you are able to work a few more years
00:17:01
with a higher earning salary or maybe pick up some side income
00:17:06
or switch to a higher paying job, it can increase the number
00:17:10
of years that you have that are higher earning years and raise
00:17:14
your overall benefit. So if you're still working in
00:17:16
your 50s or your 60s and your current income is higher than
00:17:20
what you earned earlier in your career, those higher earning
00:17:24
years are replacing those lower earning years in the formula.
00:17:29
So even if you've already worked 35 years, those additional
00:17:33
higher earnings years can push out some of your low earning
00:17:36
years and increase your Social Security benefit.
00:17:39
So let me give you a quick example.
00:17:41
Let's say one of your earlier indexed years in the formula is
00:17:45
showing $30, and today you're earning 90 or $100.
00:17:50
That extra year replaces the $30 year with a $90
00:17:57
year, and your averaged index monthly earning goes up.
00:18:01
Now, it's not going to be a massive jump from one year, but
00:18:04
over several years it can add up and really be a noticeably
00:18:09
higher monthly Social Security amount.
00:18:11
OK, that was #3 #4 coordinate your spousal benefit.
00:18:16
This is when I talk about a lot on this channel, and for good
00:18:20
reasons. If you are married, your Social
00:18:23
Security decision isn't just about you.
00:18:26
It's about both you and your spouse in the order and timing
00:18:30
when each spouse claims can make a big difference in the total
00:18:35
amount of benefits your household receives over the
00:18:38
course of your retirement. So here's how spousal benefits
00:18:42
work and I already touched in this earlier, but I'm going to
00:18:44
go a bit more in depth. If one spouse earns
00:18:48
significantly more than the other, the lower earning spouse
00:18:52
may be eligible for a benefit equal to up to 50% of the higher
00:18:58
earning spouse primary insurance amount.
00:19:01
But that full 50% only applies if the lower earning spouse
00:19:06
waits until their own full retirement age to claim.
00:19:10
If they claim their spouse will benefits early, it gets reduced
00:19:13
just like their own benefit would.
00:19:15
So let's say the higher earner has a primary insurance amount
00:19:20
of say $3000. The lower earning spouse could
00:19:23
receive up to $1500 a month based on the higher earners
00:19:28
benefit, right? Whatever their primary insurance
00:19:30
amount would be if they claim at the lower earnings spouse full
00:19:35
retirement age, even if their own benefit based on their own
00:19:39
earnings history would have been less.
00:19:42
And so there is a number of strategies that you can utilize
00:19:45
to delay the higher earning spouses benefit and the lower
00:19:49
earning spouse can claim their benefit earlier.
00:19:52
So you have some Social Security benefit coming in.
00:19:55
And while it does reduce the spousal benefit a little bit,
00:19:59
it's not a huge impact. So often what we'll do as a firm
00:20:03
is we'll have the lower earning spouse claim early and then the
00:20:07
higher earning spouse delay as long as possible.
00:20:10
So that's the spousal benefit, right?
00:20:12
The 50% benefit. But there's another layer that a
00:20:15
lot of people confuse. So you got the spousal benefit,
00:20:18
but then you also have the survivor benefit when one spouse
00:20:23
passes away, the surviving. Spouse gets the higher of the
00:20:27
two benefits. Not both benefits, just the
00:20:30
higher of the two. So if the higher earning spouse
00:20:33
delays to age 70 and locks in a higher lifetime benefit, let's
00:20:37
say it's $3700 a month in this situation and the lower earning
00:20:41
spouse was receiving $1200 a month, right?
00:20:44
Because they chose to claim a little early, so it did reduce
00:20:47
their benefits slightly. When the higher earning spouse
00:20:50
passes, the surviving spouse gets a stepped up benefit of
00:20:55
$3700 a month. And that is a massive difference
00:20:59
in income for the surviving spouse and it lasts for the rest
00:21:03
of their lives. So in many cases, the optimal
00:21:05
strategy is for the higher earning spouse to delay as long
00:21:09
as possible to maximize the survivor benefit.
00:21:12
And like I just said, the lower earning spouse might benefit
00:21:16
from claiming earlier. Why?
00:21:17
Because if they claim their their own benefit, even if it's
00:21:20
a smaller benefit at their full retirement age or even at age
00:21:24
62, it brings in income into the household during those years
00:21:29
when the higher earner is delay. Now there can be reasons for
00:21:33
both spouses to delay if you're trying to do Roth conversion to
00:21:37
try to keep income low, right? This is not a universal, but it
00:21:41
can be helpful to have a little bit of income coming in even
00:21:44
just for a psychological perspective, because it's hard
00:21:47
for people to spend from their savings.
00:21:49
And it's often in the coordination of the two benefits
00:21:52
that can create a lot of value in a, in a, in a retirement plan
00:21:55
when there is a married couple. And this strategy becomes even
00:21:59
more important if there's a big age gap between the spouses,
00:22:02
right? It becomes even more important
00:22:04
to delay the higher earning spouses benefits.
00:22:07
And there's a ton of different variables, right.
00:22:09
If one of the spouses is ill and just a lot of factors to that
00:22:13
impact the claiming math that the key take away here is that
00:22:18
don't make your Social Security decision in isolation.
00:22:23
If you're married, sit down and look at both of your statements
00:22:26
or both your benefits together and think about it as a couple,
00:22:30
as a team rather than your individual benefit.
00:22:33
You will be in a much better position over the long run if
00:22:37
you create a strategy together as a couple rather than an
00:22:40
individual strategy. Strategy #5 Check your earnings
00:22:44
records for errors. This is one that not a lot of
00:22:47
people talk about and it can be really important right?
00:22:51
The Social Security Administration keeps a record of
00:22:54
your earnings for every year that you've worked.
00:22:57
And guess what? You're not going to believe
00:22:59
this, but sometimes the government gets it wrong.
00:23:03
The Social Security Administration has acknowledged
00:23:05
that there are billions of dollars in wages that have been
00:23:08
reported but not properly matched to the right individuals
00:23:12
earning record. And if your earnings records has
00:23:14
an error, say one of you has a higher earning year that is
00:23:17
missing or showing a lower amount than what you actually
00:23:20
earned, that can reduce your lifetime Social Security benefit
00:23:25
and can cost you thousands of dollars over the course of your
00:23:28
life. And if you haven't looked or you
00:23:30
don't look, you'd have no idea. So here's what you do.
00:23:33
Go to the Social Security Administration, go to ssa.gov,
00:23:36
create an account if you don't already have one, and pull up
00:23:39
your Social Security statement. Look at your earnings history.
00:23:43
And then if you want to get really crazy, compare it to an
00:23:46
old tax return or W twos and see if anything gets off.
00:23:50
At least spot check it and see if there's any years that just
00:23:53
seem dramatically off. Now, I have to be honest, the
00:23:57
further back you go, the harder it can be to get things
00:24:00
corrected because you're going to need documentation.
00:24:03
But it is something you can get corrected if you catch it and
00:24:07
you have the proper documentation.
00:24:10
OK, I'm going to end it there. I've got on a little long in
00:24:13
this video. I want to be clear that these
00:24:15
strategies, they don't exist in a vacuum.
00:24:18
Your Social Security decision is part of a much larger retirement
00:24:22
plan that includes your tax situation, your investment
00:24:25
accounts, your health, your spouse's situation, and your
00:24:29
overall goals. If you're going to do Roth
00:24:31
conversions, it might make sense for both spouses to delay.
00:24:34
If both spouses are in poor health, it might make sense for
00:24:38
both of you to claim early. One size does not fit all.
00:24:42
And any video that tries to tell you when you should claim right.
00:24:46
Everyone should claim at 62 or everyone should claim at age 70
00:24:49
or not just me Video anyone in the comments, right?
00:24:51
There are some of you in the comments I see, and you are so
00:24:54
confident in your position. I'm not going to let the
00:24:57
government take my money or whatever it might be, right?
00:25:00
One size does not fit all. I don't care what any video
00:25:04
you've watched or any grumpy person in the comments who knows
00:25:06
more than everybody else in the world has said, I would
00:25:09
encourage you to take some time and work through these numbers.
00:25:12
Make sure you thought through your strategy and honestly, it's
00:25:16
probably best if you talk about this with a financial plan or
00:25:19
someone who's run a ton of these scenarios.
00:25:22
Hey, thanks for listening. If you enjoyed this content, If
00:25:24
you do me a favor and just leave a review on whatever podcast app
00:25:27
you're using, Apple or Google or Spotify, and also you can find
00:25:31
us on YouTube. Just search Foundry Financial or
00:25:33
Retirement Made Simple. You should be able to find us by
00:25:35
searching both and then you can find
00:25:37
ourwebsite@foundryfinancial.org. Thanks for listening.