Tips to Secure the Maximum Social Security Benefit for Your Retirement
Saturday, 9 March 2024, 11:06
Claiming the Maximum 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. If you're still working, you don't have to settle for average.
Work at least 35 years
- Key Step: Work for at least 35 years in jobs eligible for Social Security benefits. This ensures the Social Security Administration uses the 35 years with the highest earnings to determine your benefits.
Contribute the maximum amount to Social Security
- Vital Strategy: Contribute the maximum amount to Social Security during your 35 working years to enhance your retirement benefits significantly.
Wait until age 70 to collect Social Security benefits
- Important Decision: Delay claiming retirement benefits until age 70 to receive an increased benefit and maximize your Social Security earnings. Research shows that this strategy benefits most Americans in the long run.
Not an easy goal to achieve
Reaching the maximum Social Security benefit is challenging, but following these three strategies can help boost your retirement income, securing 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.