There are millions of retirees in America who get social security benefits every month.
As a senior citizen, you would want to live your life more comfortably.
But that’s not possible when you’re running low on your retirement savings. That’s where Social security benefits bail you out every month.
As per the data provided by Social Security Administration, the average retirement benefit was around $1,557/month in July 2021. This amount can further get maximize up to $3,895 per month.
That’s even more than the double average amount you get every month.
Naturally, you might be wondering how to receive close to $3,895 in social security benefits.
Well to ensure a higher-than-average monthly payment, some factors in place should be considered. Here are some of these factors:
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How to Increase your Social Security Benefits
The Length of Your Career
Before sending out the social security benefits, the SSA looks into your records and verifies the highest-earning years of your career.
Then those earnings are averaged and adjusted per the inflation, and the final calculation results in your benefit amount.
Now, if you want to receive monthly social security benefits close to the maximum capping of $3,895, it’s important to make sure that you’ve worked for at least 35 years.
If you’ve worked for less than 35 years then this can even further reduce the average monthly benefit as SSA also considers those accounts when you weren’t working.
After analyzing the length of your career, the second factor behind the increase in monthly social security benefits is your earnings throughout the working years.
If you want to reach the maximum benefits, you must have reached the wage cap consistently.
For 2021, this limit is somewhere around $142,800/year.
Even though it’s not mandatory, the higher-than-average monthly payment would ensure social security benefits close to the maximum limit.
In your working days, picking up a side hustle or find a source of passive income can result in a higher benefit amount in your retirement life.
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The Age You Begin Claiming
The last factor that can determine your monthly social security benefits is the age when you start claiming your suicidal security benefits.
Remember, age will have a dramatic impact on the monthly social security benefits you receive.
After retiring, you can start receiving social security benefits from as early as the age of 62 years to 70 years.
The longer wait will result in you collecting higher social security benefits every month.
Even though it’s not feasible for every senior to delay their social security benefits, it’s recommended to hold off on claiming the benefits and potentially receive 100’s of dollars more per month.
In the long run, it’s a smart move.
By waiting until you reach 70, you can expect a 32% increase in your monthly social security benefit.
If you tick all these factors, you’ll likely receive monthly social security benefits of $3,895 or something around it.
That’s all for now.
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