Undoubtedly one of the main concerns of the workers active is to spend your golden years with good resources granted by Social Security at the time of the retirement and to achieve the maximum payment of $4,555 dollars per month, you need to take into account four things so that you can achieve it.
Although the monthly benefit granted by Social Security to retired workers averages $1,838 dollars, it is possible to reach the maximum payment of $4,555 dollars. However, there are several factors that you must keep in mind in order to reach this amount.
How to receive the benefit of $4,555 dollars?
To achieve this, it is important to plan ahead for retirement and certainly not to claim benefits early, since that reduces the monthly payment.
The average retirement age in the United States is 62, but some workers choose wait until age 70 to reach maximum benefit.
Experts share some tips you should follow if you want to receive the $4,555 per month during your retirement.
Choose a well-paid profession
Although it may seem obvious, it is important that you can be employed in trades or professions that have better income, since it is one of the main factors that will determine your amount of Social Security benefits at the time of your retirement.
And it is that by spending more money, you also have the possibility of contributing more resources for your retirement.
According to Social Security Administration (SSA), the benefit takes into account the average income adjusted for inflation in the 35 years of highest income, the figure is adjusted each year. In 2023 it is $160,200.
Although it is important to clarify that a higher number will not increase the size of the Social Security benefit.
Don’t take early retirement
In the case of not working for at least 35 years, the time not worked will be cataloged as $0 in the Social Security benefit formula.
So in that case, you will have to work more than 35 years to make up for those gaps, otherwise you won’t be able to reach maximum Social Security benefits.
Delay your retirement claim until age 70
Although you can claim your retirement benefit at age 62, you will receive 30% less than if you wait until “full retirement age”, the most recommended to be able to reach maximum payment of $4,555 per monthis to do it until you turn 70 years old.
Save as much as you can in your retirement accounts
This is more of a preventative measure, since nothing can guarantee that you will be able to work until you are 70 so that you can guarantee your maximum Social Security payment, so it is important that you save as much as you can in your retirement accounts.
So if you want to maximize the Social Security benefits it is important that you give priority to your savings both in retirement accounts and in an emergency fund.
That way, you’ll avoid claiming retirement benefits early.
You may also like:
–Mega Millions: time runs out for the $1 million winner to claim their prize
–SNAP Coupons: This September 1, the new requirements come into force. Who must meet them?
–SNAP Coupons: This September 1, the new requirements come into force. Who must meet them?
