When we start planning for United States Social Security retirement the usual thing to look at is what check we are going to get. The payment we get each month depends on several factors. If we control those factors we will be able to control our retirement as much as possible. However, it is true that we are not always going to be able to maximize these checks, since we do not always have the opportunity.
But in the event that we can maximize benefits, we should do everything we can to do so. The change in the Social Security check we get can be enormous. In this regard, we could get as much as $5,180 per month, which is quite a large amount when you think about how much money a United States citizen typically needs to be able to afford their monthly payments.
Three steps to increase Social Security
There are three key steps to increasing Social Security payments. If we do not take these three steps into account, reaching a good retirement check amount is really impossible. Therefore, we should take note of these three steps and follow them as much as we can.
The steps to increase Social Security checks are:
- Delay retirement. This step is critical in order to get the best possible check. If we retire at the minimum age of 62 we will get a check that is too small, since we will find that we will lose 30% of the money we have contributed. However, if we wait until the age of 67 we will get 100% of the money we have contributed during our working years. To reach the maximum figure it is necessary to wait until the age of 70 before retiring.
- Reaching a high salary. The higher the salary during our working years, the better check we will get when we retire. This can make a big difference, so it is advisable to get a high salary or change jobs if our salary is too small.
- Work for 35 years. Any United States citizen who works less than 35 years before asking for retirement will have a check that is too small. For every year not worked below that number the Administration will add $0 to the average, which will make the payment go way down.
These rules apply only to Social Security Age Retirement payments. For the Disability payment the rules are different. In general, having a good salary for 35 years and retiring around age 67 will give us a good monthly benefit during the golden years.