One of the big goals of many United States citizens is to reach retirement with a nice Social Security check. The bigger the check, the better and more things you can do during your golden years. Therefore, one must plan well and well in advance. Without a good retirement plan, getting to a high benefit is really complicated.
On the other hand, we are fortunate that the Social Security Administration announces the necessary requirements to be able to reach that maximum figure. Knowing in detail the steps we have to follow to reach the maximum retirement pension figure, the path is much easier. The SSA makes these steps available to all beneficiaries.
So by making a good plan and following it with determination, when you reach retirement age you will be able to have up to $4,194. That is the maximum for the retirement pension in the year 2022. But in the coming year 2023 we will see an increase due to the COLA. This increase could be very large, so we need to be vigilant about making the necessary finances.
The requirements for maximum Social Security
Even if you fall short of the Social Security maximum, right now $4,194 per month, it is possible to get a larger amount of the check with these tips. There are three key points to follow and they apply to all ages. The only people who can’t do these steps are those with a disability. Well, actually they can, but the disability pension is a little different.
Sometimes it is more convenient to apply for disability, since Social Security has different rules for it. But you have to keep in mind that retirement pension and disability pension are not compatible. So you have to choose one or the other. In case you want the retirement benefit, maximize it with these simple steps:
- Work for 35 years. The minimum years worked to apply for a retirement benefit is 10 years. In this case, the pension is too small. Therefore, try to contribute at least 35 years in order to have a higher benefit.
- Contribute a good salary. Your final retirement depends on the taxes you pay as a worker. If you have a high salary, you will have to pay high taxes. So this means you will have a higher payment in the end.
- Delay your retirement. The minimum retirement age is 62, but that doesn’t mean you have to retire then. If you wait until age 70 you can have a large benefit.
The limit is $4,194 a month. However, this doesn’t have to be the best option. You can look for a cheaper place to live if you have a smaller benefit. Each situation is individual and you have to look out for your welfare.