Many Americans have struggled to save up for their retirement, and Social Security benefits will only cover around 40% of your previous benefits.
Luckily, there are a few things you can do to help boost those benefits.
How can I get the most out of my Social Security benefit check?
You should try to earn as much as you can when you’re still working.
What you earn will directly impact what you’re paid in the future.
The average check in 2021 was $1,563, bringing in an annual payment of $18,750.
The maximum benefit in 2021 was $3,895 per month for those who earned the wage cap for 35 years and waited until age 70 to claim benefits.
You could also ask for a raise every few years, and if you get it, ultimately boost your benefits in the long run.
If you earn $100 more per week, your overall salary is boosted $5,000 per year.
The other major tip is to wait as long as you possible can to collect Social Security benefits.
This will allow you to claim bigger benefits.
If you wait until age 70, each year between your full retirement age of 66-67 and 70, you’ll see an 8% increase for each year.
If you have health issues, it may not be worth it.
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