Being a retired citizen in the United States has many positives. Of course, it is mandatory to work hard before starting to collect the benefit. It is not possible to apply to the Social Security Administration for a benefit without first having worked. There is also a minimum age to be able to apply. All these sections are really important to know in detail the Social Security system.
We cannot leave anything out if we want to have a good benefit that will give us a large amount. Fortunately, the Social Security Administration gives us all the details so that we can get the best retirement possible. In addition to this, we also have to take into account the payment dates, as well as the different retirement ages. Let’s take a look at the most important elements when applying for Social Security.
Social Security Guide
There are three basic elements to keep in mind when applying for Social Security. As of today, in the year 2022, the maximum benefit is $4,194. This will change next year 2023 because of inflation and the COLA. To get as close as possible to this retirement figure, you will need to control the following elements:
Your salary as a worker. During your time as a worker, your salary should be as high as possible. If you want to achieve maximum retirement, you must have a very high salary. A higher salary means a higher Social Security benefit. It is not mandatory that it always be the same job, so change companies if it means earning more money.
Years of work. The minimum number of years worked to apply for retirement is 10 years. This happens if it is a retirement by age and not by disability, since the latter attends to another classification. But if we seek to get the highest possible benefit, it is mandatory to work 35 years. If you work less, each year not worked below this threshold adds $0 to the average. This will cause your benefit to see a huge reduction. Therefore, work a minimum of 35 years, even if it is at a small salary.
Retirement age. You can retire at 62 years of age, but it is not recommended. With an Early Retiremet Age your Social Security will lower your benefit by 30%. Thus, if you get a retirement of $2,000, the final amount will be only $1,400. This is a significant reduction. If you wait until age 67 and apply for Full Age Retirement, you will receive 100% of the money you have contributed. Finally, you can wait until age 70 and get a huge subsidy of up to $4,194.
To get this maximum subsidy you have to combine these three elements so that you have a high salary for 35 years and retire at age 70. That’s the only way your subsidy will reach that figure.