Each of the checks sent by the Social Security Administration to retirees by age is totally different. This is because retirees in the United States can collect a retirement benefit depending on their own history. Therefore, each retiree’s actions shape the check he or she will collect to enjoy the golden years.
So Social Security payments are a totally individual thing. And because of this we’re going to be able to find out in advance how much we’ll receive once we apply for the retirement benefit. Still, what we’ll get will be an approximation of the final check. We will not know exactly what the final amount will be until we start collecting it.
To all this we have to add that the payments for disability or for another type of benefit are different. In this case we are talking about payments for retirement due to age. That is to say, the aspects that we will see below configure the Social Security of the checks for age pensioners. With this in mind it will be much easier to reach a larger check in the future.
Points to consider for Social Security in 2023
In the event that we have already applied for the retirement benefit, these aspects do not affect us. This is because once we apply for a check, it is very difficult to increase it. Therefore, we should plan well in advance for everything related to the Social Security benefit.
These three elements that we are going to see are fundamental to understand how retirement works and thus reach the largest possible check in the year 2023. Let’s look at these three elements.
Retirement age
Choosing the best retirement age is key to getting a good Social Security check. The minimum age is 62, but it is not advisable to do this. If we do this, we will lose about 30% of the money we have contributed, depending on the exact age at which we retire.
So maximize your check as much as possible. To do this, work until the age of 67. This is the only way to get 100% of the money you have contributed. On the other hand, if you want to reach the maximum $4,555, the ideal is to reach age 70 before claiming Social Security.
Years Worked Before Claiming Social Security
Each year worked adds a good amount of money to your average work history. This means that the more years worked, the bigger the retirement check. However, there is a limit to this.
The final amount of our check is calculated from the 35 years worked with the highest salary. And that should be our goal. We should not work less than 35 years, as it will cause our Social Security retirement to see a huge reduction.
Salary as a worker
Finally, the salary as a worker is linked to the previous point. Likewise, the check depends on the 35 years of working with the highest salary, so salary also matters.
The higher the salary, the better the Social Security check. So get the highest paycheck you can, and bank it for 35 years to get a much larger benefit. You may not reach the $4,555 maximum, but you may end up very close.