Reaching the maximum Social Security benefit in the United States is not easy. Even so, it is possible to reach this figure, but it is necessary to plan ahead for your Social Security benefit and retirement.
It is not possible to reach a large Social Security check without good planning. So, one of the key elements is that, although there are three aspects that affect in a totally direct way these payments. And those three things are critical. If we do not take them into account we will not be able to reach a good figure in 2024 or in any year.
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Now that we know that the maximum Social Security benefit will start at $4,700 in 2024, it is very tempting to plan ahead for retirement. Having the biggest possible check is in our hands and if we do it in time we will be able to enjoy the golden years perfectly with a good monthly amount.
THE 3 STEPS TO GET A BIGGER SOCIAL SECURITY CHECK IN 2024?
The first thing to keep in mind is precisely what we were discussing earlier. It is not possible to get a huge Social Security check if we do not take into account all our work history. That is to say, if we want a check we have to plan everything well in advance.
In the case of having had a good work history we could reach a good figure in the next year 2024. As there is still time before the end of the year, we could think about these three aspects to calculate if we are on the right track. These are the three elements.
SALARY AS A WORKER
Salary as a worker is key to getting a good Social Security benefit. The higher the salary, the bigger the check in the future. This is because the more money we collect every month the more taxes we pay.
And, at the end of the day, Social Security money comes from taxes. So paying taxes is good in this sense, as it will give us a good retirement benefit in the future.
YEARS WORKED
If we do not work enough we will not get a good retirement check. It is mandatory to work a minimum of 10 years, but to have a good benefit it is mandatory to reach 35 years worked.
The Social Security Administration will calculate in the next year 2024 our benefit starting from 35 years worked with the highest salary. Increasing the salary will mean having an increase in the monthly benefit.
RETIREMENT AGE
All of the above makes sense, but if we do not have retirement at an appropriate age we can mess up the whole situation. The minimum age for retirement is 62, but that doesn’t mean it’s a good idea to apply for a check at that time.
If we retire at age 62 we will lose 30% of our contributed benefit. So it is better to wait until age 67 minimum to get 100%. If we want the biggest check, i.e., the $4,700 a month check, we should wait until age 70 before retiring.