Delay claiming Social Security. Social Security is calculated based on your 35 highest earning years in the workforce. Each year you work in your 60s replaces a lower earnings year from your 20s in the calculation, assuming you make more money now than you did in your 20s. Benefit payouts further increase by approximately 7 to 8 percent for each year you delay claiming between age 62 and 70. Maximizing your initial Social Security payment will also increase the dollar amount of your annual cost-of-living increases.