The maximum Social Security benefit is $4,555 per month in the United States. However, reaching such a large figure is not an easy task. In order to be able to do so, it is mandatory to have a job prior to retirement. Even so, we can have a good check if we make a good retirement plan.
However, it is not advisable to live in retirement on just a Social Security check. Although it is a widespread custom, having the pensioner’s pension as the only source of income is not at all advisable. In most cases, the pensioner’s pension may not be enough. So try to have an alternative source of income at retirement.
With respect to increasing the Social Security check there are several elements to take into account. Mainly everything will depend on the type of benefit we have. What is certain is that once we apply for the old age retirement pension it will be very difficult to increase the monthly amount. But there are some things we can do to get a little extra money every month.
HOW TO INCREASE THE SOCIAL SECURITY CHECK?
To increase the Social Security check we must take into account three variables. The first is the retirement age, the second is the years worked and the third is the salary as a worker. At the time of requesting the monthly pensioner’s check we will not be able to increase it any further. It is possible to do so, but only in very specific cases and it is really difficult to get it.
Therefore, before requesting check we should maximize the three aspects mentioned above. The ideal would be to retire at age 70 with 35 years worked earning a good salary in all that time. This would get us to $4,555 or very close. If we are not going to reach the maximum, we can always apply the same rules to get the biggest possible check for ourselves.
ALTERNATIVE INCOME TO THE AGE PENSIONER’S PENSION
In order to increase the money we have available to us each month there are several actions we can take. This will give our Social Security money a bit of a boost, as we will get some extra money.
We don’t have to have all of these things, but we can get some money with some of them:
- Supplemental Security Income (SSI). Check to see if you can apply for this benefit through BEST TOOL. The check can be up to $914 and is very helpful.
- 401(k) or similar. These pension plans can be ideal for when it comes time to retire.
- Continuing to work. If we keep working after applying for Social Security, we will get extra money. There are certain limits on this, but it is possible.
- Have passive income. If we have a business that gives us passive income, we can have extra money every month.
To this we have to add that saving money before applying for a Social Security check is the best possible way to live well during the golden years.