The retirement checks that the Social Security Administration sends to citizens with a United States retirement depend on basically three factors. These three elements interact with each other, so we cannot consider them in isolation. Each of these can cause the check to go up or down tremendously.
Therefore, we must take these three elements into account in order to set up our retirement payment properly. If we want to get a Social Security check close to $4,555, which is the maximum, we need to work through all the possibilities.
In addition to this, we also have to keep in mind that the Social Security payment arrives on a different day for each citizen with retirement. But that will not change the amount that each American receives. Those elements are independent, but we have to keep that in mind when organizing ourselves.
With the goal in mind of getting the biggest Social Security check possible we are going to have to work very early on. It is not possible to maximize the check in just a few years. This requires some effort up front.
WHAT ARE THE ELEMENTS TO INCREASE THE RETIREMENT CHECK?
In order to have the best possible check we must take into account three elements. The first of these elements is the retirement age. The second element is the years worked. The third of these elements is the salary during the years worked
If we neglect one of these three fundamental pillars, it is possible that we will have problems with the benefit. For that reason, we must watch out for these three elements and maximize them as much as possible.
RETIREMENT AGE
This element is really important, although all of them are. The minimum age for retirement is 62. But that does not mean that it is a good idea to apply for Social Security at this age. It all depends on each citizen, but it is important to know the conditions.
If we apply for Social Security check at age 62 we will lose 30% of the amount we have contributed. This means that if after so much work and effort we have reached a check of 1,000 dollars a month, we will only receive 700 dollars a month.
In order to receive 100% of the money at retirement, it is necessary to wait until the age of 67. The closer we are to this figure, the bigger the check we will get. If we want to get the maximum payment of $4,555 per month we must reach age 70. After that age there is no increase in Social Security.
YEARS WORKED AND SALARY
These two elements can be put together because they are closely related. The minimum years worked to claim Social Security retirement is 10 years. But the ideal is much further away.
To claim the best Social Security possible, you need to work for 35 years at a high salary. This will make the difference between a normal check and a larger retirement check.
Each year not worked under 35 years will add 0 to the average check. This could greatly lower each of the monthly checks we receive once we apply for Social Security.
Similarly, the salary will mark our check. The higher the salary, the more taxes we pay. And since the retirement check comes out of our taxes, this will mean we will have a bigger check.