Each new year the Social Security Administration sends a large number of checks to United States retirees. The amount of these checks depends on several factors related to the beneficiary’s own history. Therefore, getting a larger check is possible if we know the strategy to do so.
If we can get the Social Security Administration to send us a big benefit check we can have a better break. Part of our golden years will depend on this monthly check, so we need to keep that in mind. Neglecting to plan for the size of the Social Security check is a mistake that is more common than it sounds.
For that reason we should keep in mind that getting the largest possible check should be our goal. In the case of not maximizing the check within our possibilities we could have financial problems during the golden years. So pay attention and learn how you can increase the Social Security retirement check by age.
How to increase the Social Security retirement check?
The maximum check in 2023 is $4,555 per month. This maximum amount will increase a little each year due to COLA and inflation. That’s not a concern right now though because what we have to try to do is increase the check regardless of whether we reach the maximum or not.
In order to accomplish this we have to do three different things. On the one hand, increase the retirement age. On the other hand, we have to have a good salary for the maximum number of years worked.
Increase the retirement age to increase the check
The minimum age to apply for a Social Security retirement check is 62. This is a little different for disability benefit cases. But taking that type of benefit out, the minimum age is 62.
But it is a mistake to apply for a Social Security payment at that age. Doing so means losing 30% of the amount we have contributed in our years as a worker. If we want to get 100%, we must wait until the age of 67. If we wait until we are 70 years old, the amount will increase a little more and we could reach the maximum of 4,555 dollars a month.
Work for 35 years
If we want to get a good check it is necessary to work for 35 years before claiming Social Security. Regardless of the age at which we want to apply for retirement, we must work all this time.
Each year not worked below this number will cause the Social Security payment to go way down. This is because that year without work will add $0 to average earnings. So it will cause your payment to go way down.
Get a good salary to get a good Social Security check
The Social Security check will always depend on the taxes paid as a worker. For that reason, the more taxes you pay, the better Social Security you get. And the way to pay more taxes is always to have a good salary.
So with a high salary we are always going to get a bigger check. In case you can’t get a better salary in your current job, changing jobs is the best option. And remember that the 35 years of work to get a good retirement should not be back-to-back.