When making plans for US Social Security retirement, the first thing most of us think about is what kind of check we will get. What we get paid every month depends on a number of things.
We will have as much control over our retirement as possible if we can keep those things under control. But it is true that we will not always be able to get the most out of these checks because we do not always have the chance.
In the event that we can get the most out of things, we should do everything we can to do so. The amount of our Social Security checks can change by a huge amount. We could get up to $5,180 a month in this way, which is a lot of money when you consider how much a US citizen usually needs to be able to pay their bills every month.
Three steps to increase Social Security
To raise Social Security payments, you need to do three main things. If we do not do these three things, it will be impossible to get a good retirement check amount. So, let us remember these three steps and try to follow them as much as possible.
To make Social Security checks bigger, do the following:
- 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 only cover payments made to people who are old enough to get Social Security. The rules are different for the Disability payment. In general, if we work hard for 35 years and then retire around age 67, we will get a good monthly wage in our golden years.