Getting a good salary is necessary to live well in the United States. It also helps to have good Social Security in the future. With a good salary for 35 years you are assured of a monthly Social Security payment close to the maximum of $4,194 per month. This also depends on your retirement age, of course. Every detail counts in the calculation to know the final amount of the retirement benefit.
In this sense, getting a very high salary may seem impossible. But we have another option, which is to get a lower salary. It sounds like a not-so-good solution, but it really works. Every time you increase your salary, you increase your Social Security in the future. We should keep this in mind throughout our season as workers. That’s why we’re going to take a look at which states to get the best minimum wage as workers.
The best states to increase your Social Security in the future
As a worker you can choose one of these 10 states to have a good salary. Thanks to that good salary, in the future you will have a good monthly Social Security payment. The amount of money you will see below is an average. Therefore, it is not for all jobs, but it is an average among all the salaries in that state.
These are the 10 states with the highest minimum wages in the United States:
- District of Columbia: $16.10 dollars per hour
- California: $15.00 per hour
- Washington: $14.49 per hour
- Massachusetts: $14.25 per hour
- Connecticut: $14.00 per hour
- Oregon: $13.50 per hour
- New York: $13.20 per hour
- New Jersey: $13.00 per hour
- Arizona: $12.80 per hour
- Maine: $12.75 per hour
Influence of Salary on Retirement Benefits
The impact of salary on your Social Security retirement benefit is direct. The amount of money you receive depends on the years worked and the wages earned in those years. Ideally, you should work for at least 35 years before applying for retirement. It is also important to have a high salary. If you work in one of these states, you will get a better retirement.
Another very important fact is the retirement age. If you decide to retire at 62 you will only get about 70% of your final benefit. To get 100% you need to retire at age 67. If you work until age 70, you will get an extra each month. This is the only way to get the maximum of $4,194 per month with Social Security.