Planning our Social Security benefit can help us to have a good retirement in the United States. If we don’t plan well for everything related to our finances once we stop working due to age, we may find ourselves in financial trouble. But if we know what the rules are for getting the best possible check, it is much easier to live well.
So retirees who know how to manage their working years and maximize their Social Security check can enjoy the perfect golden years. Sometimes we can get $150 more a month and sometimes we can get much more. It all depends on the individual situation, but what is certain is that we can get a better benefit.
How do you increase your monthly Social Security payment?
The first of the aspects we must take into account in order to get the biggest Social Security check is the retirement age. This point is key if we want to get a higher payment. Therefore, we should not forget that the later we retire, the better.
The other key aspect is the years worked. The more years worked, the better. If we reach the minimum of 35 years worked we will be able to enjoy a much higher benefit. The difference can be very big, so it is good to take this into account.
On the other hand, the salary as a worker is something really fundamental. The more salary we have, the better retirement we will have. At the end of the day, the Social Security check depends on the taxes we pay as a worker. The more taxes paid, the better the monthly benefit in the future.
So, in summary we should keep in mind that:
- We should retire as close to age 70 as possible.
- We should work 35 years to get a good Social Security benefit.
- We must have a good salary throughout our working life.
The difference between retiring at 62 and retiring at 70 is enormous. If at 62 we can get a check of up to $2,710, at 70 we can get a maximum benefit of $4,873. It is true that every citizen gets a totally different check, but it is also true that it is in our hands, at least in part, to get a higher Social Security benefit.
Social Security Supplemental Payments
If our Social Security benefit has already started to arrive in our bank account, we cannot maximize our check. But we can apply for a supplemental benefit from the Administration to get a little extra money each month.
This extra benefit is called Supplemental Security Income and it is possible to have the payment on the 1st of each month to supplement our retirement. The maximum payment for this check is $943, so that is almost $1,000 that we can have thanks to the SSA.
