From the moment a United States citizen begins the collection of their Social Security benefit, they know that they will have to base their finances on that monthly check. For that reason, knowing all the details that make up the payment every month of the year is so important.
With an average payment of around $1,850 per month, a United States citizen can have financial problems. So increasing the average check to new levels is advisable, but this cannot be done at any time, it requires prior planning.
In this way, a check for $1,624 a month can be $2,320 a month if we know how. That would give us 30% more every month to enjoy a better and much more peaceful life in our golden years.
How can Social Security be increased by 30%?
The key to all this is the retirement age. If we bear in mind that the minimum age for applying for Social Security is 62, we can understand the general situation much better. Although that is the age at which we can apply for payment, the truth is that it is not advisable, since we lose part of our monthly benefit.
Specifically, you would lose 30% of your check, which would mean that from $2,320 of the payment contributed we would go down to $1,624, making us lose almost $700 every month. Without a doubt, it is worth applying for the check later if it is within our means.
The key age for getting 100% of the money we have contributed is 67. That is the full retirement age and it is advisable as long as our health allows us to reach that age before we apply for the monthly retirement check. Only then will we be able to get this 100% payment every month.
Other factors to increase Social Security
In addition to the age factor, there are two other elements that make up the Social Security check. On the one hand, the salary as a worker. On the other hand, the years worked. In this way, it is necessary to work a minimum of 10 years to be able to reach a monthly retirement check.
But as with the retirement age, it is not a good idea to apply for the monthly Social Security check after only 10 years of work. It is much better to work for 35 years before retiring.
Likewise, the salary during those years is also fundamental. The higher the salary, the higher the Social Security retirement check we will get. Therefore, the key is to retire as late as possible, to have worked for as long as possible and to have earned a high salary during all that time.