When an American citizen starts getting a Social Security check in retirement, they should know that the amount they get depends on a number of things. We will not be able to get a good monthly check if we do not maximize these factors. This means that we might get a payment that is not enough to cover our monthly bills.
However, there is one thing we can do to raise our monthly payment by 30%. That being said, not all US citizens can use this, because everyone’s life is different, so their situations can be very different. If we can get that 30% raise, though, it would be smart to do so so we can get a little more each month from Social Security.
How can I get 30% more from Social Security?
As we have already said, the monthly Social Security payment is made up of a few different parts. The age at which we can retire is the first of these factors. If we do things right, this is the very thing that can help us earn 30% more in retirement.
But keep this in mind: the best thing is to be able to enjoy life to the fullest for as long as possible, which is not always possible for Americans.
So, we do not have to retire at the minimum age if we want to get an extra 30% in our Social Security checks. In other words, if we retire at age 62, we might lose a lot of our monthly check. Still, if we wait until we are 70, we will get a much bigger payment, which could even mean getting $5,180 if all the other things we need to do for retirement are perfect.
Key Factors That Affect Your Social Security Check
| Factor | Impact on Benefit | Strategy for Maximizing |
|---|---|---|
| Retirement Age | Claiming early (age 62) reduces payments by up to 30% | Delay retirement until age 70 if possible |
| Years Worked | SSA calculates benefits based on your top 35 years | Work at least 35 years or more |
| Earnings History | Higher lifetime earnings = higher benefits | Increase income over career |
| Claiming Strategy | Timing affects benefit size | Plan ahead with a retirement advisor |
Can I increase my retirement payment?
There is a lot more to getting a big Social Security check than just retiring at a certain age. Besides this, we also need to keep track of the years worked and the pay during those years.
The monthly benefit we get will be better the more years we worked. In the same way, the bigger our Social Security check, the more money we will have in our golden years. This is the only way we can get a good payment that will let us pay all of our monthly bills without any problems.