When planning our retirement we must take into account several different aspects. Among these aspects we have to keep in mind what the Social Security benefit system is like in the United States. Through this system we can get a check of $4,555 if we maximize all our retirement possibilities.
While it is true that reaching such a high figure is really complicated, it is also true that by the time we turn 50 we can be well on our way. At the end of the day, the final amount of our Social Security check depends directly on us. If we do things right, we will get a good benefit.
Therefore, having a clear picture and direction in place by age 50 to achieve the largest possible check from Social Security is entirely feasible. As it is possible, let’s see what are the basic tips to get the retirement check as close as possible to the maximum $4,555 per month in the year 2023.
The best way to secure retirement at age 50
As we have already mentioned before, to achieve a good retirement, the most important thing is to know the retirement system. To do this, we must know what are the factors that determine the final amount of the check. These are three factors. The first one is the retirement age. The second factor is the years worked and the third is the salary.
We cannot control the first of these factors at age 50, but we can control the other two. Therefore, when we reach the age of 50 we must be very clear about one thing: we have to reach the maximum possible salary and the maximum number of years worked.
The minimum number of years worked to get a benefit is 10 years. But with that record the check would be too small. In order to get a good retirement, at age 65 you should be on your way to 35 years of work.
If we work more years than that, the Social Security Administration will take the 35 years worked with the highest salary to set up our monthly check. So the higher the salary for more years, the better the retirement.
In short, if at age 50 we have worked a good number of years, we are on the right track. Ideally, at 67 we should be able to retire, although at 62 we could also get a good benefit if we have contributed well.