When we begin planning for our Social Security retirement in the United States, we usually focus on what check we will receive. The monthly payment we receive is determined by a variety of factors.
If we can control those factors, we will have as much control over our retirement as possible. However, we will not always be able to maximize these checks because the opportunity does not always exist.
However, if we can maximize the benefits, we should do everything possible to do so. The change in our Social Security checks can be enormous. In this regard, we could receive up to $5,180 per month, which is a significant amount when considering how much money a US citizen typically requires to make their monthly payments.
Three steps to increase Social Security
There are three key steps to increasing Social Security payments. If we do not take these three steps into account, reaching a good retirement check amount is really impossible. Therefore, we should take note of these three steps and follow them as much as we can.
The steps to increase Social Security checks are:
- Delay retirement. This step is critical in order to get the best possible check. If we retire at the minimum age of 62 we will get a check that is too small, since we will find that we will lose 30% of the money we have contributed. However, if we wait until the age of 67 we will get 100% of the money we have contributed during our working years. To reach the maximum figure it is necessary to wait until the age of 70 before retiring.
- Reaching a high salary. The higher the salary during our working years, the better check we will get when we retire. This can make a big difference, so it is advisable to get a high salary or change jobs if our salary is too small.
- Work for 35 years. Any United States citizen who works less than 35 years before asking for retirement will have a check that is too small. For every year not worked below that number the Administration will add $0 to the average, which will make the payment go way down.
These rules are only applicable to Social Security Age Retirement payments. The rules for disability payments differ. In general, working for 35 years at a good salary and retiring around the age of 67 will provide us with a good monthly benefit during our golden years.
