The Social Security Cost-of-Living Adjustment (COLA) Isn't the Only Way to Boost Your Checks. This Could Give You Up to $461 More Per Month -- But There's a Catch.

Social Security cost-of-living adjustments (COLAs) give retirees' checks a boost nearly every year, but the increase isn't always that significant. Last year, the average benefit went up by $59 per month, and the 2025 COLA will likely be even smaller.

Fortunately, COLAs aren't the only way retirees can increase their Social Security checks after they've signed up. There is another option that could add as much as $461 to your monthly benefit -- but there's a catch.

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How to boost your checks by up to $461 per month

You may have heard that your age at signup affects how much you receive from Social Security benefits. Everyone has a full retirement age (FRA) when they qualify for their full Social Security benefit. This is 66 to 67 for today's workers. However, you don't have to apply then.

You can sign up for Social Security benefits as early as 62, but doing so shrinks your checks. You lose 5/9 of 1% per month for your first 36 months of early claiming. If you apply even earlier, you lose another 5/12 of 1% per month. So, those who apply for benefits immediately shrink their checks by 25% to 30%, depending on their FRA.

You can also delay benefits past your FRA until 70. During this time, your checks grow by 2/3 of 1% per month. These increases are known as delayed retirement credits.

Generally, early claiming makes sense if you have a serious health issue or your finances don't permit you to delay. But for most people, waiting to apply results in a larger lifetime benefit. And if you've been on Social Security for more than a year already, you cannot undo your decision to claim, even if you now regret your choice.

But if you're under your FRA, you may still have the option to suspend your checks once you reach your FRA. Doing this means you stop receiving checks until you either turn 70 or request that your benefits start again. During this time, you'll earn the delayed retirement credits outlined above.

For someone with an FRA of 67 earning the average $1,919 monthly Social Security benefit as of July 2024, suspending Social Security benefits for three years would add roughly $461 per month to their checks when they begin receiving them again at 70.

During the time they suspended benefits, they'd forgo just over $69,000 in Social Security checks. But they'd receive $2,380 per month going forward. If the person lived until 85, they'd still come out ahead by suspending benefits. They'd receive $428,400 in the 15 years between 70 and 85 compared to the $414,504 they would've gotten between 67 and 85 had they decided not to suspend benefits.

Is it right for you?

Whether suspending benefits could increase your lifetime benefit is fairly straightforward to calculate if you have a good estimate of your life expectancy. But that's not the only factor -- or even the most important one -- you have to consider when deciding whether to go ahead with it.

For many seniors, it comes down to whether they can afford to go without Social Security for a while. More than a third of adults 65 and older rely upon Social Security for at least half their retirement income. They probably won't be able to afford to skip their checks for any length of time. On the other hand, a senior who is working and claiming Social Security at the same time may not have a problem suspending benefits.

If you want to give it a try, contact the Social Security Administration to request that it suspend your benefits. Remember, you must be somewhere between your FRA and age 70 to do this. Then, if you want your benefits to restart before 70, all you have to do is contact the Social Security Administration again.

Suspending the full three years will maximize your Social Security gains, but it's not an all-or-nothing decision. You can suspend benefits for one year or even a few months if you prefer. Your checks won't grow as much, but the increase will be permanent, and it could lead to a larger lifetime benefit for you.

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