Checks from Social Security have different amounts depending on several factors. They could range from a minimum amount of just 49.40 dollars to a maximum of 4,555 dollars. Needless to say that it will be very challenging for workers to get the highest check possible. Anyway, if you have just started working, you still have more chances than those who are about to retire.
Eligibility requirements are what you might be wondering about now. The first thing you need to achieve is to work for at least 35 years or even more. Of all your work history and records, Social Security will pay close attention to those 35 years with the highest earnings. They will use those earnings to work out the amount of your future retirement check.
What should your wage be like during those 35 years?
Despite the fact that it will be extremely difficult, you had to earn no less than the wage base limit. Yes, it must have been for every single year during those 35 best-paid years to get the highest check. Bear in mind that this wage base limit is affected by inflation and it will be a different amount every year. Obviously, the amount you earned when you started work must have been lower than those earnings from recent years.
This happens because wages are adjusted for inflation. Having the highest average wage set by Social Security is just for very few people. For instance, this year’s wage base limit is $160,200. Only those having this wage will be able to opt for the maximum check if they take into account this year as one of the best-paid ones.
Does age matter to get the maximum Social Security check possible?
Yes, it does matter because the more you delay your retirement, the higher will be your check. People who retire as early as possible, that is at the age of 62, cannot opt for it. Not even those who retire at Full Retirement Age – FRA or even a year or two later. To be able to get the highest check available from Social Security you must retire at the age of 70.
Therefore, your first payment for your Social Security check must be at the age of 70 and you must have also gotten the wage base limit for 35 years. So far, these three are the main requirements to get the highest cheque possible, but they are easy ones. Remember that you can make your Social Security check larger by working until you are 70. In this way, you will get fewer checks but higher amounts.
Apart from Social Security, you must have saved money or invested it. Keep in mind that Social Security benefits are not meant to be the main source of income. They are just a supplement and a way to complement your 401(k) retirement savings account, pension, or other business you may have. The best way to know how much you will get is to make use of the Social Security quick calculator. Find what you will get for your check and if it is enough. It will allow you to see how to increase it while you can.