There are three factors that determine the monthly amount of Social Security checks in the United States. These three factors are really critical in order to reach the maximum check of $4,194 that the Social Security Administration has in 2022.
The downside to this benefit increase strategy is that you need to not have previously applied for the benefit. If you have already started collecting your retirement, you cannot increase your monthly check.
That’s why planning is so important. With a well-planned retirement, your monthly Social Security check can increase by almost $2,000. To do this, try to follow the tips you will see below, as they are essential to reaching this figure. In addition, these three factors must be maximized to reach that high Social Security figure. If these three elements do not come together, it is impossible to achieve a retirement of this style.
Tips for increasing Social Security
These three tips are, as we have already mentioned, fundamental. If you do not combine all of them, you will not be able to get a good benefit or reach the maximum figure of $4,194 that Social Security has in 2022. The $1,830 difference is between the maximum benefit achievable with an Early Retirement Age and retiring at age 70. It is surprising to see that there is a difference of almost $2,000 per month. Let’s look at these tips to follow:
- Contributed salary. This factor is really important. A higher salary as a worker means a higher benefit as a retiree. There is a maximum amount of taxes to be paid, so this detail is not infinite. It is not possible to have a huge salary for 10 minutes and collect the maximum Social Security, since the other two factors are equally important.
- Years worked. The minimum number of years worked to collect Social Security is 10 years, that is clear. But this does not mean that we have a good retirement benefit. You must work 35 years, as each year worked below that figure will add $0 to your average benefit. Also, try to maintain a high salary during those 35 years.
- Retirement Age. Applying for retirement at age 62 means that your Social Security will have 30% less of the taxes contributed. On the other hand, retirement at age 67 means 100% of the taxes, but this way it is not possible to reach the maximum. To get a benefit of $4,194 per month, it is mandatory to work until age 70.
Even so, for many people it can be a lot of work to wait until 70, so you should apply for Social Security when it suits you best, taking into account your private life, your health and your needs.