The rules for getting the highest possible Social Security benefit in the United States are the same for everyone. Any American citizen can reach the maximum benefit of $4,194 per month if he or she gets his or her retirement plan right. However, it is not possible to reach the maximum once you have retired. The plan must be made well in advance and once we apply for Social Security there is no going back. From that moment on, we can look for other sources of income. In this case, the salary we have before retirement is fundamental, although let’s not get ahead of ourselves with the information.
There are three fundamental details that make it possible for us to have a very high retirement. These three elements benefit us in getting Social Security to the maximum available. In this year 2022, that maximum is $4,194, but in 2023 we will see an 8.7% increase due to the COLA. For that reason, you will get a bigger check in the coming year. This increase due to COLA does work for beneficiaries who are already collecting their Social Security. It is independent of these three steps to get the best possible benefit.
Among the things you can do to increase your Social Security benefit are checking your retirement age, years worked and salary. These are the three most important steps if we want to get a good retirement that can pay all our bills. If we have control over these three elements, we will have the best possible benefit. In addition, each year this maximum increases, so that in 2023 we will have a higher maximum benefit.
Maximizing the Social Security benefit
To maximize the Social Security benefit, we must control the three elements mentioned above. Therefore, the following steps should be taken.
- Delay your retirement age. Starting to collect Social Security at 62 is possible, but not mandatory. The longer you delay applying for the benefit, the more money you will get every month. The limit is 70, since after this age there is no benefit in the monthly amount.
- Work 35 years. While it is true that the minimum number of years worked to collect retirement is 10 years, it is not recommended. In the case of people with disabilities, this rule changes. Even so, work at least 35 years to have a good benefit during your retirement.
- Get a high salary. The higher your salary, the more taxes you pay. The more taxes you pay, the better Social Security you will have in the end. Therefore, a high salary means a high benefit. Keep this in mind when choosing your job.
If you control these three elements, you will have a very good Social Security benefit in retirement. If you maximize all of these elements, you will ultimately have in your golden years a maximum benefit of $4,194. Although starting in 2023, the maximum benefit will be 8.7% more due to the COLA. Therefore, if you retire next year with the highest benefit you will get $4,558.878 per month.