Social Security average checks may not be enough to make ends meet in the United States. That is why many seniors regret not having achieved a larger check while they worked. People thought they would have enough money when they retired.
Nevertheless, many people are suffering the consequences of soaring prices and high inflation. Others are still paying their mortgage while they are collecting Social Security monthly payments. So, this reduces their budget each month.
Others might have saved enough for them, but did not count on helping their children pay their high-interest debt and loans. Whatever the reason is, you should make sure you get as much money as possible from Social Security in retirement. Do it now while you can, or you may regret it.
What can I do to boost my Social Security retirement benefits if I have not retired yet?
Delaying retirement can boost your benefits by 8 percent in just one year. To figure out how much you could add up to your retirement check, you can have a look at the average Social Security check for 2023.
May is Older Americans Month. See how Social Security plays a role in your future and learn about the retirement benefits: https://t.co/vXfHrFZXtW pic.twitter.com/CMEIohuD6n
— Social Security (@SocialSecurity) May 18, 2023
According to AARP, the average Social Security check in retirement is about $1,827 per month in 2023. So, 8% of 1,827 would be about 146 dollars. This amount would be if you retired at Full Retirement Age, 67 if your birthdate was in 1960 or later. Retiring at the age of 62 would imply reducing your Social Security check.
How much could I get if I opted for early retirement at 62?
Social Security reduces your monthly check in retirement if you file early by 30%. Thus, you will get a 548-dollar reduction. That means your check will only be 1,279 dollars. Unless you wait until Full Retirement Age, you cannot claim 100% of your benefits. On the other hand, retirement at the age of 70 means getting more money.
Approximately, you could get about $438 extra if you retire at the age of 70. Compare 1,279 dollars and $2265. In just one month you are getting $986 extra from Social Security. That is the size of many seniors’ checks. If you work out the additional amount it could mean in just one year, you would be surprised.
Getting a total of 11,832 dollars is possible in just one year. Do not forget that people tend to live longer and they do not start working as early as they used to. Therefore, it could make sense to delay retirement if your health and personal situation allow you to do so. Calculate your Social Security benefits now to plan it.