United States Social Security retirement checks depend on several factors. To get one of these checks requires meeting certain minimum conditions, such as being at least 62 years old and working a minimum of 10 years. But it is true that sometimes there are exceptions such as Disability or Widowhood, among others.
But if we talk about the case of retirement by age, the most usual check within the American Social Security, we have to take into account all the minimum requirements. And if we are close to the minimum retirement age, we should know that the payment of this benefit can increase if we take several steps.
It is true that obtaining a maximum Social Security check of $4,873 per month is not suitable for all Americans, but we can always try to reach the highest amount possible within our possibilities. This will make it possible for us to have a better standard of living.
How can I get a larger Social Security check?
There are several things to keep in mind in order to get the biggest Social Security check there is. This maximum check of $4,873 is not easy to get, as we have already mentioned, but we can come close if we do things right.
To do this, we must take into account the three elements that make up the retirement check. If we maximize them, we will get a higher monthly benefit and, therefore, our standard of living will be better during the golden years.
Those three elements are retirement age, years worked and salary as a worker. So, let’s take these three elements into account and maximize everything within our means.
Retirement age
Although the minimum retirement age in the United States is 62, it is not a good idea to apply for a Social Security check at this age. In order to have a large check, it is better to wait until age 70. The closer we are to that age, the better the check will be.
Full Retirement Age is at age 67, which means we will get 100% of the money we have contributed. If we retire at 62 we will lose 30% of the money we have contributed, so it is not a good idea to do so. All the time we work after the age of 67 will result in us getting a much bigger check.
Years worked and salary
The last two elements we can put together in the same place, since the two go hand in hand. The higher the salary, the more taxes we pay. And, ultimately, taxes mean we get a bigger Social Security check later. That’s why we should always get the biggest check possible while working.
Finally, before claiming a Social Security payment we must have worked a minimum of 35 years to maximize our benefit. The Administration will calculate our benefit starting at age 35 with the highest salary as a worker. For this reason we must take this into account.