There is little doubting the fact that it can be a highly stressful time for the millions of American seniors who decide to retire every year.

In most instances, those high blood pressure readings can be attributed to concerns related to not having enough money to achieve a comfortable retirement that could stretch on for decades.

That’s why, according to financial experts and planners, it is important to make the right decisions at the right time regarding one’s Social Security benefits—as any misstep could end up meaning tens of thousands of dollars in lost benefits in the years ahead.

To help people on their journey to a more stress-free retirement, here are three strategies that can give a major boost to their Social Security benefits.

Earn More Money

Do be aware that benefits are primarily based on lifetime earnings, according to the Social Security Administration (SSA). Therefore, it is best to always try to have high earnings for as many years as possible.

“Perhaps obviously, the more you earn over your working life, the greater your Social Security benefits will be—up to a limit,” says personal finance writer Selena Maranjian at The Motley Fool.

“Here’s some context: The average monthly retirement benefit was recently $1,563, or about $18,750 per year,” Maranjin explained. “The maximum benefit for 2021, meanwhile, is $3,895. To qualify for that maximum benefit, you will need to have maxed out your earnings throughout your working life—and to have delayed starting to collect your benefits until age seventy. Few of us will be able to max out our earnings every year, but we can still aim to boost them as much as possible.”

Delay Filing for Benefits

One of the biggest decisions one can make to bag a higher monthly payout is to wait until age seventy to file for Social Security benefits.

“Workers planning for their retirement should be aware that retirement benefits depend on age at retirement,” the SSA notes on its website.

“If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit,” according to the SSA website. “A worker can choose to retire as early as age sixty-two, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits. With delayed retirement credits, a person can receive his or her largest benefit by retiring at age seventy.”

Coordinate With Spouse

For those who are married, their spouse can indeed impact what the amount of Social Security checks will be.

“Imagine this scenario: You’re married, and your spouse has generally earned much more than you,” Maranjian explained in her analysis. “You both start collecting benefits as soon as you can, at age sixty-two. You collect, say, $1,800 per month, and your spouse collects, say, $2,300. If your spouse dies first, your household can no longer collect both checks—instead, you get the greater of the two, so your benefit rises to $2,300.”

“But if your spouse had been able to delay starting to collect until age seventy, that $2,300 check could have grown by 24 percent—into a $2,850 one,” she added. “Strategizing with a spouse can be a powerful income-maximizing move.”

Ethen Kim Lieser is a Washington state-based Science and Tech Editor who has held posts at Google, The Korea Herald, Lincoln Journal Star, AsianWeek, and Arirang TV. Follow or contact him on LinkedIn.

Image: Reuters