Getting a big check from the Social Security Administration in the United States is possible if we know how to do it. Each United States citizen gets a totally different check that depends on several factors. If we control those factors we will be able to control the amount we will have each month once we reach the golden years.
Therefore, we must know those factors and how they directly influence our monthly Social Security check. Doing this is key to having the best retirement possible, so it is important to never forget our retirement plan once we have in mind when we want to retire.
If we control three fundamental aspects to the maximum, the money we will get each month will be much higher. Even if we don’t reach the maximum figure of $4,873 maximum in 2024, the truth is that we can have a good monthly Social Security check if we maximize all the factors that are in our hands. With that in mind, let’s take a look at what those three factors are and how to maximize them.
How to maximize our Social Security check?
Reaching the maximum payment of $4,873 per month is no easy task. But it can be easy to reach a figure similar to or higher than what we are entitled to. If we keep in mind that the Social Security check is based on three essential elements we just have to understand that we have to increase those three pillars.
There is no more mystery than to increase that to the maximum in order to get a good monthly check. The first of those pillars is the retirement age. The second pillar is the salary as a worker. The third pillar is the years worked before asking for retirement. Maximizing these three aspects should be our priority to get the best Social Security possible.
Retirement age
If we apply for check at age 62 we are going to see a huge reduction. In total, we will lose 30% of the money we have contributed. The closer we get to age 67 the less money we will lose.
In case we want to maximize everything related to Social Security we should wait until age 70. After age 70 there are no extra benefits, so there is no point in waiting any longer.
Years worked before claiming Social Security
To contribute the largest Social Security check possible we need to contribute for 35 years of work. Ultimately, the retirement payment is calculated on the highest 35 years of salary. Therefore, if we work less than those years our average will go way down.
So we should strive to reach that minimum number of years in order to get the best possible payment without the need to retire too late. Work at least 35 years and avoid financial problems in the golden years.
Salary during the working years
Just as years worked influence the retirement check we get each month, salary is also very important. The taxes we pay while we are working will cause us to get a larger or smaller check from Social Security.
Therefore, we must reach a good figure each month so that we will have a better retirement when we apply for our monthly check. Only then will we get a good payment, although we are not always going to get a huge check every month.