The first golden rule to get the largest benefit from Social Security is to plan your retirement in advance. Carpe diem (seize the day) is not the answer to having a large check as a retiree.
Therefore, if you make a few arrangements like investing, maximizing retirement savings accounts, and how to work towards a large Social Security. Life as a retiree will be more comfortable.
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Golden rule number 2 is to delay retirement as much as you can. However, if you would like to get $4,873 or the maximum benefit, you must retire at the age of 70.
WILL MY BENEFITS INCREASE IF I FILE FOR SOCIAL SECURITY AFTER THE AGE OF 70?
Social Security claims that it is not possible to increase your retirement benefits after the age of 70. Consequently, there is no point in delaying filing any longer once you turn 70.
By delaying retirement till you are 70, the Administration will give you 24% extra per month. Moving on to the third golden rule, you must work for a minimum number of years.
As a matter of fact, to get $4,873 in 2024, you must have also worked for at least 35 years. Those who work for just ten years can qualify for a very small Social Security payment in retirement.
I’VE ALWAYS EARNED THE TAXABLE MAXIMUM
If you have always earned the taxable maximum, you are almost there. Social Security will request you have earned the taxable maximum for at least 35 years.
So, earning the taxable maximum for 35 years is the fourth golden rule. Last but not least, you must have worked in jobs covered by Social Security all those years.
Summing up:
- Plan how to get well-paid jobs and become a high-earner.
- Delay retirement until you are 70.
- Work for 35 years.
- Earn the taxable maximum for 35.
- Only work in jobs covered by SSA to pay enough payroll taxes.