In any of the United States, having a clear idea of the best possible retirement plan is key to having a good golden years. If we don’t have a good retirement plan, we may have financial difficulties once we leave our jobs. That is why it is always advisable to have a good plan before applying for Social Security.
In this sense, we do not only have to think about getting the best possible check. Even though getting a good Social Security benefit is one of the best tips we can take in retirement, sometimes this is not possible. Reaching the maximum of $4,555 per month in 2023 is quite difficult and not within everyone’s reach.
For that reason, we have to strike a balance between maximizing the Social Security benefit and planning for retirement. And retirement shouldn’t just depend on the Social Security check, as we’ve already discussed. So take note and learn everything you need to do before you apply for retirement at 70 in 2023.
Keys to Retirement at 70 in 2023
To have the best possible retirement in 2023 you need to get a handle on several aspects of retirement. The balance between getting a big Social Security check and controlling all other aspects is the key to having a good golden years.
Maximize your Social Security check
Within the realm of possibility, we should maximize our Social Security check. To do this, there are three elements to keep in mind. These elements should be maximized before applying for retirement.
- Retirement age.
- Years worked.
- Salary as a worker.
Applying for SSA check at 62 means losing 30% of the money we have contributed as a worker. However, retiring at the age of 70 not only means reaching 100% of the benefit contributed, but we will reach a higher figure. The total check can reach $4,555 per month if we maximize all aspects.
Save during the years worked before retirement
One of the key elements to having the best retirement possible is saving during your working years. This is not something that all Americans do and is key if we want to rest in the best possible way. Doing this is critical, without a doubt.
Experts talk about saving around 4% of the monthly salary. With this figure, it is possible that we will have a fairly large source of savings at retirement.
Eliminate debts
At the time we start collecting Social Security we should not have any debts. Eliminating them during our working years should be our priority at all times.
This is because during the working years we will always have more income than the years collecting Social Security. Therefore, it is not a good idea to continue paying the mortgage or any other debt when we start collecting retirement.