As a matter of fact, there are 4 key things that you could do to get the largest Social Security retirement benefit in the United States. Of course, make sure you have jobs covered by SSA.
Otherwise, you will not qualify for Social Security. The Administration will ensure that workers have worked for at least 10 years before they can claim benefits at 62. That is about 40 work credits. Currently, you can only earn 4 work credits per year.
How can you get 24% extra from Social Security?
The Social Security Administration will give you a 24% reward if you delay retirement 3 years after reaching Full Retirement Age. For example, if you were born in 1960 or later, your Full Retirement Age is 67.
It used to be 65 but it has increased little by little over time. For example, if you were born in 1960 and file at 68, you will only receive 8% extra per month from Social Security.
If you file 2 years after Full Retirement Age, you could get 16% extra. Ideally, you should file at the age of 70 to get 24% more per month. However, this is not possible when you have poor health, are unemployed or your job is too demanding.
Other ways to get higher Social Security retirement benefits
By now, you should know that filing at 70 and having jobs covered by SSA is essential. Nevertheless, this may not be enough to get up to $4,873 from the Administration.
Social Security requires working for 35 years. This is another reason why many retirees do not get a larger payment in retirement. Working fewer years means you have $0 in earnings for each missing year.
The most challenging but one of the most important things to get $4,873 in 2024 is to earn the taxable maximum for 35 years. Keep in mind that the taxable maximum is $168,600 in 2024. It increases with inflation and that is why so few American workers can get $4,873 per month.