The maximum increase in retirement checks in the United States depends on several factors. Among them, the worker’s record is fundamental. It is through the history of the years worked that the Social Security Administration determines the amount that an American will receive during retirement.
Even so, it is true that reaching the maximum amount is not something that is very easy to do. Because the maximum check is only available to a number of citizens who meet all the requirements. However, this does not mean that all Americans have to reach the maximum amount in order to have a good golden years.
The ultimate goal for a good retirement is not just a big Social Security check. There are more factors at play, including savings or passive jobs. Relying on the Social Security check as the sole source of income is not recommended, even though many retirees do so.
In general, the Social Security check is insufficient to pay all monthly bills. In fact, this amount is intended to be a supplement to the money an American already has when he or she applies for retirement. Will you get the maximum Social Security check?
Amount of the maximum Social Security check in July 2023
The maximum amount a retiree can receive from the Social Security Administration in July 2023 is the same as in all other months. This amount is $4,555 per month. This figure is very high and not all Americans are eligible to get it.
In this sense, this high monthly check can only be achieved with good pre-retirement planning. Once we have applied for retirement it will be impossible to reach such a high figure.
So if you have not yet applied for retirement it is advisable that you have a good plan to achieve a large check. If we achieve that and, in addition, we have savings or a passive source of income we are going to have a good retirement.
How to get the biggest retirement check?
To reach the maximum retirement figure in the United States the american citizen has to follow three steps. These three steps are not difficult to complete, but they do require time. And that is why we will need to start planning as early as possible.
Here are the three steps to follow:
- Get a good salary. Having a job with a good salary is critical. The higher the salary, the better the benefit check in the future.
- Work for at least 35 years. Every year not worked below that number will reduce our retirement money tremendously.
- Delay your retirement age. At age 62 we can apply for retirement. While it is tempting, it is best to wait a bit to get a better amount. To get the maximum check, it is mandatory to wait until age 70.
Even if we don’t reach the $4,555 monthly figure, if we follow these tips we will have a good benefit to make the golden years the best.