Each United States Social Security beneficiary has a different check. The amount of these checks depends directly on our work history. For that reason, there is a way to increase this monthly check.
If we are planning our retirement, we must take into account all the aspects that make up our Social Security check. Only in this way will we get a bigger check every month to enjoy our golden years in the best possible way.
The three fundamental aspects that we must take into account are the years worked, the salary during those years and the retirement age. In truth, Americans can have a direct influence on these three elements, although it can be difficult at times, as it is not always up to one’s own decisions.
How to increase the Social Security benefit?
As we have already discussed, the three elements that make up the Social Security check are retirement age, years worked, and salary at the time of employment. If we maximize these three aspects we will get the largest possible check.
So to do this we must know how these elements interact and how we can get the most out of them.
- Retirement age. We can retire at 62 years of age, but then we will lose 30% of the money we have contributed. To get 100%, it is best to wait until the age of 67. However, if we wait until 70 we will get the biggest check possible.
- Years worked. The calculation of our check is based on the 35 years worked with the highest salary. Therefore, if we work less than 35 years, the Social Security Administration will calculate our benefit by lowering our monthly check.
- Salary as a worker. This other aspect is mixed with the previous one. The higher the salary, the higher the Social Security check. This is because we pay more taxes and the payment will depend on the taxes we have paid every month.
In short, the Social Security payment will depend directly on these three elements. So if you want to get a check as high as $4,873 a month or a similar figure you need to pay attention to maximizing all three as much as you can.