Millions of Americans enjoy Social Security retirement benefits in 2024. While millions of workers believe that retirement is far away, few are planning carefully life as a retiree.
Undoubtedly, if you look after your finances, it will pay off when you file for Social Security. Retirement benefits can provide workers with a check of up to $4,873 in 2024.
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The reality is that only a small percentage of Americans qualify for such a large monthly payment. Even if it is impossible to attain for you, there are ways to make the most of your Social Security retirement benefits.
STEPS TO GET 24% MORE IN RETIREMENT FROM SOCIAL SECURITY
The first thing you should take into account is the fact that you must work for at least 35 years. In this way, your benefits will not be reduced. If you have low earnings, try to work for more than 35 years with larger salary.
The Administration will only choose the 35 years with the highest earnings to calculate your retirement check amount. Some workers believe that it is fine to work for 10 years to get retirement benefits.
However, this will only provide you with a very small check. Social Security requires 40 work credits to get benefits, and you can only get 4 work credits per year. So you need at least ten to get some money from SSA.
PROMOTE AND DELAY RETIREMENT
Even if you have enough money to cover your monthly expenses, look for jobs that give you more cash. The higher your salary, the better. Only those who have earned the taxable maximum for 35 years can opt for the largest benefits in retirement.
Do not forget that filing at 62 is possible. But is it advisable? From a financial point of view, it is not. Nevertheless, it may be a good reason if you do not rely on Social Security, are in poor health, or are jobless.
Delaying retirement at 70 can give you 24% extra per month. This will be the easiest way to get more money if you are able to carry on working. So, work until you are 70, earn the taxable maximum for 35 years and you will get $4,873 in 2024.