Getting a good Social Security check should be one of the big goals of all United States citizens. Reaching the golden years with a good monthly payment is very reassuring, since it makes those Americans who reach a good figure have a better standard of living. While it is true that getting a maximum check is possible, the reality is that not all citizens are eligible to get the maximum amount.
But what is also true is that it is not necessary to reach that figure in order to have a good standard of living. What we should do is maximize the check within our means. If we maximize the Social Security within the options we have we will be able to live very comfortably and without the desperation of getting extra money.
So the goal should not be to get the maximum check of $4,873 in 2024, but to maximize the check we currently have. And if we have not yet applied for Social Security, this is possible. But in the event that we are already collecting age retirement we will not be able to increase the monthly payment. In that case we must look for other alternatives to get a higher monthly income.
How to increase the Social Security check?
The first thing to keep in mind when we want to increase our Social Security check is that we must plan ahead. We cannot expect to maximize our check if we want to retire at age 62 and we are already 60 years old. Yes, in those two years we could follow these tips to reach a higher figure, but it won’t make a big difference.
Keeping in mind that the ideal is to plan all this with time, let’s see which are the elements that change the retirement check:
- The age at which we file for Social Security.
- The years worked.
- The salary during the years worked.
Those three elements are critical to reaching the $4,873 Social Security maximum. If we make those factors increase to the maximum, our payment could increase to the maximum. The general summary is that we should work for 35 years at a high salary and apply for retirement at age 70.
It is at age 70 that we will be able to get the biggest check possible. Even so, it should be noted that it is possible to retire earlier, but whenever we do so we will lose money from the benefit. The minimum age to retire is 62. This will cause us to lose 30% of the money we have contributed. It is not until the age of 67 that we will get 100% of the money we have worked for. After that age, up to the age of 70 at the latest, we will get some extra money.
The other two elements are also important, and that is that the benefit is calculated with the 35 years worked with the highest salary. This means that if we work less than 35 years, the average will drop quite a bit. So try to work all that time before retiring, even if it is not with a huge salary. Of course, a good salary helps to have a good check. Remember that you can change jobs whenever you want and that this will not negatively affect your retirement as long as you work a total of 35 years before claiming Social Security.