The current trajectory of high-inflationary pressures is putting the much-needed focus on the ongoing financial pain that millions of senior citizens must endure daily.

There is no question that these retirees received a major victory last fall when the Social Security Administration (SSA) announced that there would be a 5.9 percent cost of living adjustment (COLA) for this year. But when the dust settled, the nearly six-percent boost to the benefits only raised the monthly payments by approximately $90 to an average of $1,657.

“When the prices on the goods and services that retirees depend on go through the roof, their Social Security benefits don’t buy as much, and that causes enormous financial stress for all retirees,” Mary Johnson, a Social Security policy analyst for The Senior Citizens League, said in a statement, per GOBankingRates.com.

To make matters worse, many seniors are entering retirement  with low savings. As a result, many try to live on Social Security. According to recent data released by the SSA, about twelve percent of men and fifteen percent of women rely on the monthly benefit for ninety percent or more of their income.

So, what meaningful actions can these vulnerable seniors take to combat inflation and have an enjoyable long-lasting and comfortable retirement?

Wait, Wait, and Wait Some More

One of the top things an individual can do—often touted by financial experts and planners—is to wait as long as possible before filing for Social Security benefits. A quick look at the numbers will confirm why this advice is popular.

For those seniors who need to start collecting Social Security benefits at age sixty-two—the earliest age to do so—the maximum amount is $2,364. But if one can wait until seventy to file, they would be eligible for the maximum amount, currently $4,194.

“The Social Security benefit is potentially 76 percent higher if you wait to file at age 70 (the latest) compared to age 62 (the earliest). Every year you delay past your full retirement age, you gain an approximately 8 percent boost,” Chris Farrell, a senior economics contributor to American Public Media’s “Marketplace,” told the Star Tribune.

“Market volatility doesn’t matter; you can’t outlive your Social Security benefit; and it comes with automatic cost of living adjustments. Social Security is a valuable asset,” he continues.

Most Won’t Be Eligible for Max Benefit

However, according to personal finance expert Maurie Backman at The Motley Fool, it is important to keep in mind that most retirees won’t qualify for the maximum $4,194 benefit.

“Claiming the maximum Social Security benefit is tough and something the typical senior can’t do. But rather than worry about that, focus on eking out as much money as you can from Social Security,” she writes.

“That could mean working hard to boost your job skills so you’re eligible for promotions and the raises that come with them. … Also, review your Social Security earnings statement each year for errors. If there’s a year when your earnings are underreported, it could result in a lower monthly benefit, but being vigilant could help you avoid that scenario,” she continues.

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.