The maximum United States Social Security check in 2023 is $4,555 per month. No one doubts that this monthly benefit is a really good thing if you receive it. However, it is well true that not all citizens can get such a large check.
In order to reach this benefit of $4,555 per month, a series of steps must be taken. With these steps we can reach a fairly large benefit, although it does not necessarily have to be that amount. Remember that each year all Social Security checks increase through the COLA, so each year the figure increases a little bit.
The year 2022 we had a maximum payment of $4,194 per month. With the 8.7% COLA increase, we are currently looking at a best-case benefit of $4,555. Reaching that figure takes a lot of effort and a well-laid plan, but it will always be worth it in the end. Having such a large Social Security check will ensure a good time in our golden years.
How to get the maximum Social Security check?
In order to reach the $4,555 per month figure in 2023, three very important steps are mandatory. These are the steps we must take when planning our retirement:
- Delay retirement age. It is tempting to start collecting a Social Security check at age 62, but it is not convenient. Through this type of benefit we will have a check for 30% less than what we have contributed. Therefore, we should delay the retirement age as much as possible. If we want to reach the maximum benefit, we must wait until age 70 to apply for retirement.
- Work for many years. The minimum number of years as a worker to start collecting Social Security is 10 years worked. However, to get a good monthly check we must work 35 years. After all, the Administration calculates our benefit from 35 years of work with the highest salary.
- Have a high salary. This is good for the years of work as well as for the years as a pensioner. With a high salary we will pay more taxes, yes, but that will mean a much larger Social Security check in the future.
The ideal plan is to combine these three variants in the best possible way. If we think we want to apply for retirement at age 62, we should increase the other two options as much as we can. However, if we are thinking of going to age 70 before applying for Social Security, we can play a little more with the years worked and the salary.
Still, working for 35 years at a high salary and filing for retirement at 70 is the only way to have the best possible benefit. If we do all that, we will have access to a check of $4,555 per month, the maximum in 2023.