The United States Social Security Administration’s retirement benefit checks are different for each beneficiary. The final dollar amount for each Social Security beneficiary depends on factors that can be modified over the course of a worker’s lifetime. Likewise, these factors can be modified and maximized so that an age pensioner can receive the maximum check of $4,558 in 2023.
This is the maximum pension check in this year 2023. Last year, year 2022, Social Security was issuing checks of up to $4,194 at most. The increase in these checks is because the COLA has caused a stimulus thus increasing the money in each check by 8.7%. This COLA increase is not just for the maximum checks, but for all SSA checks.
For that reason, pensions in 2023 go to a maximum of $4,556, which is 8.7% more than last year. On the other hand, the average dollar amount of these checks is about $1,827 in this current year. This will increase every year depending on the increase in prices and inflation. The final figure is always decided in October, but the increase in prices is what mainly influences the COLA.
How to get the largest Social Security in 2023?
To get the largest possible Social Security check in 2023 you have to maximize three elements.
- Retirement age.
- Salary as a worker.
- Years worked.
These three elements are essential for the Social Security check to reach the maximum of $4,558 in 2023. It should also be noted that in order to receive the maximum check, it is necessary to start the retirement plan well in advance.
For one thing, retirement age determines the final amount we will receive. Even if we manage to contribute a huge benefit, if we apply for retirement before the age of 67 we will see a reduction in the monthly check. Retirement at age 62 means losing 30% of the monthly check. If we wait until the age of 70, something that many experts recommend, we will get a very interesting increase of the Social Security check.
The salary as a worker influences the pension
In terms of salary as a worker and years worked, we can say that these two elements go hand in hand. Working a minimum of 35 years is indispensable in order not to have any kind of penalty. Each year not worked below that amount causes the Social Security check to add 0 to the average contribution. As for the salary, the idea is quite easy to understand. The more taxes we pay, the more money for our Social Security check we contribute.
Maximizing these three factors will be the best way to have the best golden years possible. Mind you, getting the maximum check of $4,558 in 2023 is a very difficult task that requires years of planning, but it is not impossible. Also, keep in mind that it is not necessary to have such a high paycheck to live in many cities, so we can plan for retirement in a different way.