If you are still working and have not filed for Social Security retirement benefits, you may be able to make your payment soar. The younger you are now, the easier it will be to achieve it.
The first thing you need to take into account is if you do not mind late retirement. Early retirement sounds perfect, but not everyone can afford it. Besides, Social Security rewards those who opt for late retirement.
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But they also give less money to those workers who file for retirement at 62 or are younger than Full Retirement Age. The Full Retirement Age will depend on when you were born. For example, if you are from the 1960s, your FRA is 67.
RETIREMENT AT 70 IS A MUST TO CASH $4,555 FROM SOCIAL SECURITY
If you do not want to retire at 70, forget about collecting monthly payments of up to $4,555 in 2023. Bear in mind that you will need the 8% annual increase for three years after you are 67 years old.
In total, you will receive 24% more every month. It is a considerable amount of money. Thus, you could weigh up the pros of late retirement and perhaps enjoy a larger Social Security payment in retirement.
Anyway, retirement at 70 is not the only requirement, though it is necessary. Apart from filing at the age of 70, you must have worked for a minimum of 35 years. Not doing so will also mean getting a reduction.
Actually, it may not be so challenging to work for 35 years in the United States. Unless you live in an area where unemployment is really high or you have a condition that prevents you from working, it is feasible.
WHAT IS THE LAST REQUIREMENT TO GET $4,555 FROM SOCIAL SECURITY?
The Social Security Administration will require workers to earn the taxable maximum for 35 years and retire at 70. Then, you will be able to cash up to $4,555. Even if you think that is impossible, you never know.
Choosing when to retire is an important decision and involves many factors you may want to consider. Find out now how Social Security can help you achieve your retirement goals: https://t.co/8hO9Mv6u7W pic.twitter.com/hqLNALCxLS
— Social Security (@SocialSecurity) October 25, 2023
From day to night, you may have a brilliant idea that turns out to be successful and you can achieve it. Although you may not get the taxable maximum for 35 years, you can aim at increasing your salary every year.
In this way, you will cash more money when you retire too. SSA increases the taxable maximum every year and it is $160,200 in 2023. Thanks to the 2024 COLA increase beneficiaries will get a 3.2% extra.
But this will also increase the taxable maximum. So you will have to earn $168,600 in 2024. Remember that Social Security should be a supplement. Do not forget to make contributions to your 401(k) and have other investments. Grow your nest egg and do not put all your eggs in one basket.