3 Strategies to Help You Secure the Maximum Possible Social Security Benefit

Saturday, 9 March 2024, 11:06

Learn the expert-recommended strategies to claim the maximum Social Security benefit, potentially boosting your retirement income significantly. Working at least 35 years, contributing the maximum amount to Social Security, and waiting until age 70 can all help you achieve this financial goal. While challenging, following these steps can improve your retirement benefits, even if reaching the maximum might be difficult for most individuals.
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3 Strategies to Help You Secure the Maximum Possible Social Security Benefit

3 Strategies to Help You Claim the Maximum Possible Social Security Benefit

Achieving this goal won't be easy, but even attempting to do so could still boost your retirement benefits. The average monthly Social Security retirement benefit right now is $1,907. But that's less than half of the maximum monthly benefit of $4,873.

  1. Work at least 35 years: You simply need to work for at least 35 years. The Social Security Administration uses the 35 years with the highest earnings to determine the benefits to be paid.
  2. Contribute the maximum amount to Social Security: Your retirement benefits are based on how much you've contributed to Social Security. The only way you'll receive the maximum benefit is if you've put in the maximum amount through the years.
  3. Wait until age 70 to collect Social Security benefits: For every month you delay claiming retirement benefits past your full retirement age, the SSA will increase your benefit until you turn 70.

Even if you don't reach the maximum benefit, following these three steps can help boost your retirement benefits. Reaching the maximum might be difficult, but beating the average won't be for many people.


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.


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