When a citizen of the United States begins to receive a Social Security retirement check, they should be aware that the amount received is determined by a variety of factors.
If we do not maximize these factors, we will be unable to receive a good monthly check, and we may end up with a payment that is insufficient to cover our monthly expenses.
However, it is possible to increase our monthly payment by 30% with a single action. However, not all citizens of the United States can benefit from this because each citizen has a unique life and, as a result, a situation that varies greatly.
However, if we have the option of receiving the 30% increase, it is a good idea to take it so that we can earn a little more from Social Security every month.
How can I get 30% more from Social Security?
The monthly Social Security payment consists of multiple components, as previously mentioned. The first of these elements is the retirement age, and it is precisely this factor that, if done correctly, can increase our retirement income by 30%.
However, keeping this in mind at all times, the ideal is to be able to live life to the fullest for as long as possible, which is not always possible for all Americans.
So, in order to receive an additional 30% in our Social Security checks, we must not apply for retirement at the minimum age. In other words, retiring at age 62 may result in a significant reduction in our monthly retirement check.
However, if we wait until we are 70, we will receive a much higher payment, which could result in a collection of $5,180 if we have maximized the other retirement factors.
Key Factors That Affect Your Social Security Check
| Factor | Impact on Benefit | Strategy for Maximizing |
|---|---|---|
| Retirement Age | Claiming early (age 62) reduces payments by up to 30% | Delay retirement until age 70 if possible |
| Years Worked | SSA calculates benefits based on your top 35 years | Work at least 35 years or more |
| Earnings History | Higher lifetime earnings = higher benefits | Increase income over career |
| Claiming Strategy | Timing affects benefit size | Plan ahead with a retirement advisor |
Can I increase my retirement payment?
Obtaining a large Social Security check requires more than just reaching retirement age. In addition to this, we must maintain control over both the number of years worked and the salary earned during those years.
The more years we work, the higher our monthly benefit will be. Similarly, the larger our Social Security check, the higher our retirement income. Only in this manner will we be able to obtain a satisfactory payment that will allow us to meet all of our regular monthly expenses without difficulty.
