Sometimes thousands of Americans file for Social Security retirement benefits without maximizing all their potential. By doing so, they say goodbye to a great deal of money.
If you would like to get the largest Social Security you could get, here are some essential tips to make the most of it. Even if you cannot make it to the largest payment worth $4,873, it would still be worth it.
Approach to getting $4,873 from Social Security
The Social Security Administration will require workers to have earned the contribution and benefit base (taxable maximum) for 35 years. For you to have an idea, here is the full list with the latest taxable maximums:
2015: 118,500
2016:118,500
2017: 127,200
2018: 128,400
2019: 132,900
2020: 137,700
2021: 142,800
2022: 147,000
2023: 160,200
2024: 168,600
*Source: SSA https://www.ssa.gov/oact/cola/cbb.html
As a matter of fact, few workers can get such a high salary for 35 years. Not only does it imply that you earn so much money, but you must also have jobs covered by SSA. If not, you are not eligible.
Age to achieve $4,873 from Social Security
The requirements are not over yet. So, make sure you have earned the taxable maximum for 35 years and worked in jobs covered by SSA all this time, but also file at the age of 70.
Those who file before turning 70 will not take advantage of the Social Security reward, delayed credits. They can increase your retirement benefits by about 8 percent per year after Full Retirement Age.
For example, if you meet all the essential requirements but you file at Full Retirement Age, you can only get up to $3,822. That is a much lower payment, 1.051 dollars less. Some may get even less money if they file at the age of 62. This is the earliest age workers can file for Social Security. At 62 you can get up to $2,710.
So, stick to these simple rules to increase your Social Security payment. File as late as possible, get well-paid jobs covered by SSA, and work for at least 35 years.
