Social Security provides retirement income for many seniors — but it provides a lot of money to the lucky few. The maximum monthly retirement paycheck is $4,873 per month. That’s a lot of money every year.
Most people will not get the maximum benefit, however, as there are strict requirements to meet it. But, nevertheless, you should not give up trying to try it. Here is the reason.
It’s hard to get a monthly Social Security benefit
First things first: The reason increasing your profit is so difficult is because there are three things involved in doing it:
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You have to earn a lot of money. Specifically, you must meet the income limit, or the maximum amount subject to Social Security taxes. In 2024, it’s $168,600. In previous and future years, that’s the equivalent of $168,600 for inflation. Any income above $168,600 does not count towards your benefits, and this limit is why there is an initial maximum.
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You must earn the highest possible salary for 35 years. The Social Security benefits formula gives you a benefit equal to a percentage of your average earnings over the 35 years your earnings were highest. To get the maximum benefit, therefore, you must earn the maximum amount that can be counted for all 35 years that were part of your benefit calculation.
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You must wait to claim Social Security until you are 70 years old. Asking at 70 gives you the opportunity to take your regular benefits and add to them by getting delayed retirement credits. Those earning $4,873 a month receive the highest benefits based on their salary, then wait until 70 to receive delayed retirement benefits to increase their regular benefits as much as they can.
As you can see, it is very difficult to do these three things. Thus, many benefits may not be available to most people.
The strategies used to get higher returns can help you maximize your retirement checks
Now, even if you can’t do all the steps mentioned above, you shouldn’t give up fighting to get the best benefit, or as close to it as possible.
Working to increase your Social Security is important for a very simple reason. The steps you should take to try to get the $4,873 a month monthly payment will help you maximize any amount of your personal benefits, even if you don’t end up with the largest monthly payment. .
For example,
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You can aim to increase your income. You may fall short of the salary cap, and that’s okay. Increasing your income even a little bit still leads to a big profit. Try to take steps like job training to earn more money over time so that your income will be higher when you are ready to receive Social Security.
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You can be sure that you have the best work history of 35 years. You don’t have to work for 35 years and then retire. If you increase your income over time, you can work longer later in life with your higher income. If you do, these high-earning years will count toward the 35 years that determine your benefits. Early years of minimum wage will be replaced and will not lower your average wage.
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You can cancel your application for Social Security benefits. If you can wait to claim Social Security until you reach your 70th birthday or as close as you can, you will increase your benefits each month you delay. Many people end up with monthly and lifetime benefits using this method.
So, don’t despair if you can’t get a Social Security check worth $4,873 a month. Focus only on the things you have control over and do everything you can to improve your well-being. It will be better if you have more protection as a pensioner.
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See “Social Security Secrets”
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Should You Give Up Your $4,873 Big Social Security Benefit? was originally published by The Motley Fool
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