Knowing what monthly check we can get in the Social Security paycheck is one of the most important points before applying for retirement. Ultimately, most of our budget will come directly from this check, so trying to get the largest amount possible should be one of our goals.
However, sometimes we may not be able to have a larger check due to personal circumstances. In that case, it is best to know as soon as possible what monthly paycheck we will get, as this will help us adjust our budget to the money we get each month.
It can also give us key information on whether we will have any other benefits available to us, such as SNAP Food Stamps or Supplemental Security Income. These payments can supplement your Social Security retirement paycheck.
What is the Social Security paycheck with 15 years of work?
The truth here is that it is not only the years worked that affect the Social Security paycheck we get. Therefore, it is not possible to give an exact figure with only this information, but we can make an approximate calculation with all the information.
To do this, in addition to the years worked we must know:
- The retirement age.
- The salary during the years worked.
Regarding the years worked, the Social Security Administration calculates our paycheck from the 35 years worked with the highest salary. If we have only worked 15 years, the problem is that the remaining 20 years add $0 to the average. Therefore, the amount we get would be very low, even if we have had a very high salary during those 15 years.
In this sense, it is much better to work for 35 years with an average salary than for 15 years with a very high salary. In addition, the age of retirement also changes the paycheck we get, since the Social Security requested at 62 years of age subtracts 30% of the benefit we have contributed.
How to maximize the Social Security paycheck?
In order to obtain the maximum possible check from Social Security, we must take into account the three elements mentioned above and maximize them as much as possible. If what we are looking for is the $4,873 monthly payment, we have to:
- Retire at age 70.
- Work 35 years before applying for a Social Security payment.
- Have a high salary during our working years.
In this way we can get the highest possible Social Security paycheck, although it is true that not all Americans can get such a check. The closer we are to these numbers, the better payment we will get every month.