How to Compare Your Social Security Benefit to the Average Retiree and Boost Your Payments
Friday, 26 April 2024, 08:00
How to check your Social Security benefit
The simplest way to check your future benefit is to examine your statements. These statements will include an estimate of your future benefit based on your real earnings.
How does your benefit stack up to the average?
Several factors will influence the amount you receive, including the length of your career, earnings history, and age of claiming. Knowing the average benefits can help you compare your estimated benefit with others.
Ways to increase your benefit amount
- Delay claiming: The longer you wait to claim, the more you'll collect each month.
- Work for at least 35 years: Increase your benefit by having 35 years of high-earning work history.
- Increase your income: Get closer to the maximum taxable earnings limit to boost your benefits.
Social Security is crucial for retirement planning, and taking steps to maximize your benefits can lead to a more comfortable future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.