Social Security sends millions of dollars every month to make retirement payments in the United States. Such checks may not be the same because there are several factors that SSA needs to calculate the right amount.
Some people try to delay retirement as much as they can. In this way, they will be able to collect a higher check. Bear in mind that getting a larger check is possible if you do not file for Social Security benefits at Full Retirement Age.
Delaying these checks for just one year could mean collecting 8 percent more each month. Some people hope to retire at the age of 70 to get 24% more in their Social Security payments. However, they have to file it earlier because they are sick and tired. Or perhaps their personal situation is simply different.
What is the maximum amount I could collect if I am 69 years old?
According to Social Security, if you retire at the age of 69, you will receive 116% of your benefit. Bear in mind, that this is for those whose birthdate was after 1960. If you qualify for the maximum amount at the age of 67, $3,627, 116% means you could get about 4,207 dollars in retirement checks.
Now is the perfect time to verify your earnings history and learn about your future Social Security benefits with your personal my Social Security account: https://t.co/WTprwFXTcM #mySocialSecurity
— Social Security (@SocialSecurity) May 21, 2023
Using your my Social Security account will allow you to see your previous earnings history. Or else, make use of the SSA quick benefit calculator to find out the approximate amount you could obtain. To collect the largest check from SSA there are three main things you must achieve though.
What are the main requirements to collect the maximum amount for my Social Security retirement check?
Social Security will take into account the highest earnings for just 35 years of your work history. So, you must work for 35 years. Besides, your earnings must reach the benefits base level for those 35 years. That is 160,200 dollars for 2023.
Unless you retire when you are 70 years old, you cannot collect $4,555. The largest check possible is $4,555. So, if you believe you meet the requirements and have gotten 40 work credits at least, apply now for Social Security.
Do not forget that you can apply for other benefits like SSI if you have a low income. SNAP benefits may also come in handy. Keep in mind that each state has different ways to support people in need, so check what your state offers apart from Social Security.