When a citizen of the United States starts to get a Social Security retirement check, they should bear in mind that the payment received depends on several factors. If we don’t maximize these factors, getting a good monthly check is not possible, so in the end we could get a payment that is not enough to cover our monthly expenses.
However, it is possible to increase our monthly payment by 30% with just one action. All United States citizens cannot take advantage of this, however, as each citizen has a different life and, therefore, a situation that can vary greatly. But if we have the option of getting that 30% increase, it’s a good idea to take it so we can earn a little more from Social Security each month.
How can I get 30% more from Social Security?
As we have already mentioned, there are several elements that make up the monthly Social Security payment. The first of these elements is the retirement age and it is precisely this factor that can earn us 30% more in retirement if we do things right. But with this in mind at all times, the ideal is to be able to enjoy life to the full for as long as possible, and sometimes that is not within the reach of all Americans.
So, in order to enjoy an extra 30% in our Social Security check, what we have to do is not apply for retirement at the minimum age. In other words, retiring at 62 can cause us to lose a large amount of our monthly retirement check. However, if we wait until we are 70, we will find a much higher payment that can even mean the collection of $5,180 if we have maximized the rest of the factors related to retirement.
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?
The truth is that not only the retirement age is a key element in getting a large Social Security check. In addition to this aspect, we must also control both the years worked and the salary during those years.
The more years worked, the better the monthly benefit we will obtain. Similarly, the bigger our Social Security check, the bigger the payment we will enjoy in our golden years. Only in this way will we be able to obtain a good payment that will allow us to pay all our usual monthly expenses without stress.