Inflation and price increases across the United States are causing citizens to question the stability of collecting their Social Security check. Every current beneficiary knows they will see an increase in their benefit next year thanks to the COLA, but sometimes that is not enough.
Getting the biggest benefit possible is the mission of millions of Americans. Doing so requires work up front and a solid retirement plan. Otherwise, the Social Security check won’t be big enough to cover all monthly needs. One of the biggest game changers in the monthly payment from the Social Security Administration is the age of retirement, with 70 being the cutoff for increasing the pension.
If we manage to maximize the non-retirement age aspects, our Social Security could be much larger, although we will never get to the maximum $4,555 in 2023 if we don’t wait until age 70. By knowing the rules of the game we can get the best possible outcome.
How to increase Social Security check without waiting until age 70?
As we have previously discussed, the Social Security check depends on three fundamental factors. The first of these three factors is the retirement age. The second factor is the years worked and the third is the salary during those years of work.
Since the retirement age factor cannot be taken into account, the other two elements must be maximized. Therefore, during our working years we should work a minimum of 35 years with the highest possible salary. All this always within our means, of course. This is the best way to get the highest possible payment.
The final check will always depend on the retirement age. While it is true that waiting until the age of 70 is not necessary, it may be that applying for retirement at the minimum possible age is not advisable. At age 62 we can apply for the benefit, but this will cause the check we have obtained to have a 30% reduction.
What is the best retirement age?
62 is the minimum age at which we can apply for retirement due to age. Although it is also mandatory to have worked a minimum of 10 years before. But that will mean that we will have a 30% reduction in our Social Security check.
The good thing about retiring at 62 is that we will have more time to enjoy our golden years, although we will have less money. To get the check for 100% of the money contributed, it is mandatory to wait until the age of 67. This will make it take longer to start resting, but it will be worth it.
Waiting until age 70 is not advisable in almost any case, since increasing the benefit to $4,555 is really difficult. That’s why it’s always a better idea to save during your working years and not be obsessed with maxing out your Social Security check.