The Social Security Administration increases the retirement checks for beneficiaries in the United States every year. These retirement checks have reached a record high in this year 2024, so we can get a large amount each new month.
In order to get a maximum check from Social Security, we need to plan ahead for everything related to our retirement. But you don’t have to get the maximum check to get a little extra money each year. The COLA applies to all retirees who have an activated check.
How do you get the extra money from Social Security?
Each new year that begins, the Social Security Administration sends checks to retirees with a small increase. Sometimes it is larger than other times, as it was last year. In 2023, the COLA was almost 10%, while in this year 2024 we have an increase of just 3%.
Although it seems like little increase, the truth is that some beneficiaries can get around $160 extra per month. And best of all, to get this extra check we don’t need to apply for anything. The process is fully automatic, which means that the COLA is added to the Social Security benefit each month.
So whatever benefit you were collecting until the end of 2023, the 2024 payment will be higher. To calculate what the amount will be, just add 3.2% to your previous benefit. This is the only way to find out exactly how much your monthly check will increase.
It is possible to increase your monthly Social Security check
If you have not yet applied for your retirement check, you can increase your Social Security benefit. To do this you need to increase three factors. If you have applied for your monthly retirement payment you will not be able to increase it unless you apply for additional benefits such as SSI.
The first factor to maximize is your retirement age. The later you apply for retirement, the larger your monthly check will be. So if you’re thinking about applying for check at age 62, which is the minimum, you could get too small a check. Waiting until age 70 may be the ideal option.
On the other hand, the other two important factors are salary and years worked. If you have worked less than 35 years, your Social Security benefit will go way down. So try to work that time with a good salary to enjoy the golden years with a big retirement check.