Don’t be duped by the doomsayers: Here are 3 things Americans in their 30s and 40s can do now to get a bigger Social Security check in retirement

Max your earnings

Make more money. That’s a no-brainer, right?

Here’s why it’s important to Social Security: benefits are typically calculated based on your highest 35 years of indexed earnings. Maximizing your annual earnings, especially in your prime working years, boosts more than your bottom line today — it can have a significant impact on your eventual benefit amount.

The Social Security Administration (SSA) typically uses your highest-earning years to determine your average indexed monthly earnings, which directly impacts your benefits.

By increasing your annual earnings, you’re essentially boosting the foundation for your retirement check.

Consistently advocating for higher pay, particularly in those peak earning years, will help increase your long-term income record. Adding additional income streams can help fill in lower-earning years with higher income, which may improve your average.

Don’t forget to track your SSA statement annually. The agency provides online statements that track your reported income and projected benefits.

Regularly reviewing your statement can ensure accurate earnings and help you identify lower-earning years that you might want to replace with higher earnings.

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Delayed gratification

Plan to delay your benefits for as long as possible. This may mean that, while you’re still in your 30s and 40s, consider setting yourself up to not have to rely on Social Security for the first few years of your retirement — at all.

For example, cash is king for those who hope to kick off the golden years right. If you've built cash reserves that surpass your emergency fund, you can start your withdrawals there once you’ve retired.

Cash sitting in a shoebox or a zero-interest checking account would still be worth the same amount today as it was two decades ago.

Another place you should look for withdrawals is your taxable accounts. The logic is that taxable brokerage accounts are the least tax-efficient because they’re subject to capital gains and dividend taxes. Because you can take money out anytime, money saved in brokerage accounts can help retirees bridge the gap, providing another cushion for those early retirement years.

Remember: while you can start receiving Social Security benefits as early as age 62, waiting until your full retirement age — or even longer — can make a big difference in your monthly check.

For each year you delay claiming beyond your full retirement age (around 67 for most people), your benefits increase by approximately 8% per year until age 70.

If your plan is to retire before age 70, consider other retirement sources, such as a 401(k) or IRAs, to help cover living expenses while you delay Social Security.

Delaying Social Security works best for those who expect to live longer, as the break-even point for delaying benefits is often around age 80.

Some choose to work part-time or try a side hustle during their 60s to avoid early withdrawals and keep earning credits, which also supports a higher benefit amount.

Work with a finance professional

If you’re feeling uncertain about anything or want an expert to weigh in on your options, consider talking to a financial adviser to help you identify all the ways you can set yourself up to maximize both your benefits and the life you want to live right now.

Despite the noise, Social Security remains a lifeline for millions of retirees, and while reforms may be needed to ensure its long-term sustainability, completely dismantling the program is unlikely.

By taking proactive steps to maximize your benefit, you can help secure a larger check and reduce your reliance on other sources of income during retirement.

With strategic planning and informed decisions, Americans in their 30s and 40s can still look forward to Social Security as a reliable component of their retirement plan.