The United States pension system run by the Social Security Administration sends millions of checks to Americans every month. Thanks to these checks, many United States citizens are able to live their day-to-day lives without hassle. These Social Security pensions are not only used to pay bills, but also for the enjoyment of retirees.
Although it is not advisable to have this Social Security benefit as the only source of income, this is the reality for many Americans. For that reason, reaching the maximum possible check is key if we want to have the best golden years. Not all Americans will reach the maximum retirement amount, but they can all maximize it.
If we know what the maximum check is we can plan ahead of time to get as close as possible. As we have already mentioned, maximizing this figure until we can’t get any more is not easy. But we can have a good figure to get enough Social Security to live on month to month. Still, remember to have another source of income to avoid financial problems during the golden years.
Maximum Social Security Check in 2023
The highest figure an aged retiree can collect from Social Security in 2023 is $4,555. However, reaching this figure is not possible if we are already cashing our retirement check. Remember that in order to reach this figure, it is necessary to max out the check before applying for it. Once we start collecting it, we will always receive the same amount, so we will not be able to increase it.
If you have not yet applied for a check but want to plan for the best possible retirement, pay attention to these tips. With them, you can get very close to Social Security’s $4,555 per month retirement in 2023.
Delay your retirement age
In case you’re thinking about getting a big Social Security check and retiring early I have some bad news for you. Those two concepts are incompatible, as you need to retire late to get a bigger check.
If you retire at 62, the minimum age, you will lose 30% of your monthly benefit. So try to delay your retirement as much as possible. Age 70 is the maximum and this is how you will get the $4,555 check. This is as long as you combine this element with the other two, which are also determinants of a big Social Security check.
Get a big salary
With a big salary you’ll pay more taxes. And this is the key to getting the best Social Security possible. So if you don’t have a good salary, try to get one. You can change jobs if you think that in your current job you can’t increase your salary.
Even so, it is not mandatory to have a huge salary, but it is mandatory to have a big one. With a small salary you will not be able to get the biggest retirement check. Therefore, you must work to get this monthly money from your current job.
Work for 35 years
It is impossible to reach the largest retirement figure without working 35 years. It is better to work for this long than to have a high salary for only a few years. Each year not worked below this figure will greatly reduce your monthly Social Security check.
And remember that it is not mandatory to work for all 35 years in a row, but can be in different stages. However, it is important to reach this figure during the active years.