To get the best possible check from Social Security we need to consider several things. And it is important to note that all United States citizens can increase their check, either to the maximum or a little less. All Social Security beneficiaries can get as close as possible to the $4,558 maximum check in 2023.
However, it is true that reaching the $4,558 maximum may be impossible for the vast majority. All aspects have to be greatly maximized if we want such a large Social Security check. Still, it is worth it if we think we will have the best retirement possible.
Among all the actions we can take to increase our monthly Social Security check, there is one that can double our check. Without taking into account this condition it is impossible to reach the maximum of $4,558, so we must think about maximizing it as much as we can.
What do I have to do to get double my retirement check?
Retirement age is the key point in getting double your Social Security benefit check. While an average check is about $1827 per month, the maximum is $4,558, as we have already discussed.
The element that can increase this figure the most is retirement age. This is because the minimum retirement age is 62. But this minimum age means losing part of our benefit. To be exact, applying for a Social Security retirement check at 62 means collecting 30% less of our contributed money.
On the other hand, waiting until age 67 means getting 100% of the money contributed. This makes a big difference between retiring at 62 and retiring at 67. Finally, applying for retirement at 70 means maxing out this entire Social Security check.
In this way, the $1,827 can be doubled and even go beyond that, as it could reach the maximum of $4,558 per month. The final decision is entirely individual and personal, but it is certain that there is a big change between one retirement age and another.
Other aspects that increase Social Security
In order to get the maximum cheque we must not only take into account the retirement age. There are two elements that also influence the amount of our Social Security benefit. These two checks are salary and years worked.
The higher our salary while we are working, the better check we will have at the end. Also, working for at least 35 years is indispensable to get a good retirement at the end. Each year not worked below this number will mean adding 0 to the Social Security average. This can cause the monthly cheque to go way down.
However, we should not rely on the Social Security check alone to live well in retirement. There are other things to consider, such as arriving in good health, having savings or an alternative source of income. Ultimately, the retirement check may not be enough if it is our only source of income.