Getting the largest Social Security check in the United States in 2024 means getting $4,873 a month. This amount is truly large and a retiree with a similar monthly check will not need any other source of income, at least for the most part.
However, getting such a high payment is not within the reach of every American. Each Social Security beneficiary has a different check, and getting one payment or another depends on each citizen’s work history.
For that reason, maximizing the Social Security check is possible, although we must keep in mind that to do so it is necessary to meet certain requirements. It is not possible to maximize retirement payments just because you want to.
However, it is possible to get this maximum check if we plan ahead for retirement. At the end of the day, there are three elements that make up Social Security, so taking them all into account will ensure we get the biggest check possible.
How do we avoid making our Social Security smaller?
To avoid this problem, we need to know what the three elements that make up our monthly benefit are. Once we know this, we will be able to know exactly what the problem is and solve it quickly.
The three elements that make up the monthly Social Security check are the retirement age, the years worked and the salary during those years. Thanks to these three elements we will be able to get a bigger or smaller check.
While it is true that working for 35 years is indispensable to obtain a good check, it is also true that having a high salary during those years will allow us to achieve a better retirement. However, the retirement age section can make us lose part of the money we have contributed as workers.
In the case of requesting Social Security retirement at the minimum age, that is, at 62 years of age, we will lose 30% of the money we have contributed. Therefore, it may be a mistake for many people to ask for the benefit at that age. So it is better not to do it and wait until the age of 67 to be able to get 100% of our contribution.