Social Securityretirementbenefitscould reach considerable amounts. Thus, it would be awesome to get the largest check possible in the United States. Nobody said it was easy to achieve. However, it is important to be focused on your goal. That is getting as much money as possible to live a great retirement.
Therefore, the first step to take would be to retire at the age of 70. Remember that people live much longer now than in the past. If you retire too early, your Social Security benefit will not be enough. Nowadays, there are many people who regret not having delayed retirement because their budget is too tight.
Keep in mind that inflation makes prices soar and the money you earn now may not be enough in 20 years’ time. Of course, there will be COLAs– (cost of living adjustments) to make your Social Security check grow. However, keeping up with inflation could be challenging. If not, wait until 67, your Full Retirement Age.
What is the second step I should follow to obtain a 4,555-dollar check in the United States?
Even if you just need to work for about ten years to be able to collect Social Security retirement benefits, work longer. In order to get the best check do it for 35 years at least. To make up for years of low wages you should even work a bit more than 35 years. SSA takes into account the 35 years with the highest earnings.
Do not forget that you are not looking for a small Social Security check, you are working hard to achieve getting $4,555 per month. In fact, not many people can manage to get that amount. It does not really matter if you get it or not, but that is your goal to get the maximum amount possible. Any cent will help you.
What about the third step to get 4,555 dollars monthly from Social Security?
Apart from working for at least 35 years and retiring at 70, you must have a high salary. The higher, the better. The amount Social Security takes into consideration changes as inflation does. It keeps increasing over the years although it may remain the same for some time. SSAuses the maximum taxable income.
Consequently, your salary must continue increasing to keep up with the pace of these amounts. This is the annual limit to pay taxes. Besides, it is also the benefit base. In 2023 you must earn as much as $160,200. Last year it was 147,000 dollars. As you can see, the higher the inflation, the more this limit goes up.
The maximum taxable earnings was $137,700 in 2020. As for 2019, it was $132,900. So, you have an idea now of what your earnings must be to get the largest check from Social Security. Make use of the SSA quick calculator to find out your future retirement check. Then, you can be ready to plan your budget and expenses.