If you’re worried about your retirement savings falling short, maximizing your Social Security benefit after retirement is a good option. In 2022, the maximum monthly Social Security check is $4,194. Taking into account the 8.7% cost-of-living adjustment that will increase in payment starting in January, the highest earners on Social Security will receive a total of $4,559 per month starting in January 2023.
Is it possible to claim most of the Social Security? This situation is very difficult as it is not at all easy to claim a larger payment on the Social Security check. It is much more difficult than we think. So how do we know if we are on the right track to collect the maximum Social Security check? These three questions will help you determine if you’re on the right track.
In order to receive the maximum Social Security check, you must comply with a series of characteristics such as, for example, not requesting early retirement and continuing to work until the age of 70, since this is precisely when you will be able to receive the largest pension amount.
Even so, let’s see what these questions and their answers are so that you can find out if you will be able to receive the maximum retirement pension from the Social Security.
Can you wait until age 70 for retirement?
Although Social Security allows you to collect benefits beginning at age 62, you will not get the primary insurance amount until you reach full retirement age. This means until age 67 if you were born in 1960 or later. However, it is also possible to delay the Social Security payment.
To get the larger Social Security check, you have to wait even longer and take advantage of deferred retirement credits. You will earn 8% per year for each year you wait beyond retirement age. Then, your benefit is capped at age 70.
Can you work for at least 35 years?
Social Security bases your benefit on your 35 years of highest earnings. If you do not work for 35 years, you will not be able to collect the maximum benefit because your earnings will be recorded as “0” for the years you did not work. But working more than 35 years can help you get a higher benefit if you can replace some of those lower-earning years with higher-earning years.
Are you earning a high salary before retirement?
But working for 35 years is not enough if you want to get the largest monthly Social Security check possible. You have to earn the maximum amount of taxable income for Social Security for at least 35 years.
In 2022, that amount is $147,000. Most years, it increases based on changes in the national average wage index. The maximum will increase to $160,200 in 2023. If you do not earn the taxable maximum for even one year of your 35 highest-earning years, you will not receive the maximum Social Security benefit.