Social Security is one of the most valuable retirement assets most Americans have and yet one of the most misunderstood. The decisions you make about when and how to claim can have a meaningful impact on your monthly benefit for the rest of your life.

That’s because not everyone receives the same amount. So while the maximum benefit in 2026 is $4,152 per month, the average is approximately $2,076. Closing the gap between average and maximum is largely a matter of strategy. Here are some of the most important components worth understanding.

Work at least thirty-five years

Your Social Security benefit is calculated using your thirty-five highest-earning years. if you have fewer than thirty-five years of work history, the Social Security Administration fills in the missing years with zeros, which pulls your average down and lowers your monthly benefit. If you’re approaching retirement with fewer than thirty-five working years on record, continuing to work (even part-time) may help replace those zero-earning years with actual income and nudge your benefit upward.

Delay claiming as long as your situation allows

This is arguably the single most impactful decision in Social Security planning. Delaying benefits past your full retirement age earns delayed retirement credits of up to 8 percent per year, with benefits maxing out at age seventy. Because Social Security is also adjusted annually for inflation, a larger base benefit at seventy means larger cost-of-living increases over time as well. For those who expect to live into their eighties or beyond, it could be more ideal to wait—though health, financial need, and other personal factors all play a role in your decision.

Coordinate spousal benefits thoughtfully

For married couples, the claiming decision is rarely just about one person’s benefit. GOBankingRates reports that a spouse who didn’t work or earned significantly less may be entitled to a benefit worth up to half of the higher earner’s full retirement age benefit. A common strategy for couples is to have the higher earner delay claiming to age seventy while the lower earner claims earlier. This approach may maximize the household’s lifetime benefit and also increases the survivor benefit available to whichever spouse lives longer, a consideration that’s easy to overlook in the short-term planning process.

Mind the tax treatment of your withdrawals

How you draw down other retirement accounts can affect how much of your Social Security benefit you actually keep. Up to 85 percent of your benefit may be subject to federal income tax depending on your combined income. The Motley Fool notes that withdrawals from a Roth IRA are not counted as income for Social Security purposes, which may help keep your combined income below the thresholds that trigger greater taxation of your benefits. This kind of coordination between account types and Social Security timing is one of the more nuanced areas of retirement planning.

Check your earnings record for errors

Because your benefit is based on your lifetime earnings history, an error in that record, such as an employer who underreported wages, may actually reduce what you receive. The Social Security Administration recommends reviewing your earnings record periodically through your “my Social Security” account at ssa.gov. Catching and correcting errors well before you claim is far easier than trying to dispute them after the fact. It takes only a few minutes and may be worth doing every few years as part of a routine financial review.

Social Security is complex enough that small decisions can have consequences that ripple through decades of retirement income. Taking the time to understand your options—and discussing them with a financial advisor—will help you approach this decision with more clarity and confidence than going it alone.