The way the United States Social Security Administration calculates the amount of money you receive in your pension is very easy. The main premise is the years worked and the salary during that time as a worker.
This way, you will be able to know what is the amount received using the Social Security pension calculator. After that, all that remains is to decide whether we want to start collecting the pension at 62, 67 or 70 years of age.
This last step is essential to getting a good retirement benefit. The difference can be as high as $ 1,830 between someone who applies for a retirement pension at 62 and someone who retires at 70. The amount of money increases slightly each month, so it’s ideal to get good benefits this way. It is possible to increase this amount if we know exactly how to do it.
How do I increase my Social Security over $1,800?
We have previously discussed that there are three key elements to getting a high Social Security benefit. By knowing these three factors, we can increase the amount of money we will earn from our retirement pension. It is possible to increase up to $4,194 per month, but not everyone can reach that figure.
The first thing we have to do is to get a salary where we contribute a lot of money on a monthly basis. After that we must expand this condition until 35 years minimum. Any year that we do not contribute as a worker adds 0 euros to the average pension later. This makes the Social Security much lower. After these two factors, there is the third one, which is the age at which retirement is requested.
As the final element of the equation, age is the point that makes the most difference in Social Security. There are three key points for applying for Social Security: age 62, age 67 and age 70. The difference between filing for retirement at 62 and 67 can be more than $1,800. It is striking that the difference is so great.
Surprising as it is, the difference is very large. That is why it is not a good idea to make this decision too quickly. It’s best to look at all the factors and choose the decision that best suits your future. Retirement checks will be bigger the later you retire.
If you are applying for a Social Security pension at age 62, you will receive approximately 70% of the money you put in as an employee. On the other hand, if you apply for a pension at 67, you get 100%. So far, so normal, of course. But the big difference comes when you work until the age of 70. For each year of service from 67 to 70, you receive a bonus which is added to your pension. This bonus can give you a pension of up to $4,194. This is the maximum, so you cannot receive more than this amount.