What Is The Maximum Social Security Benefit || Social Security Benefits Explained
What is the maximum Social Security check that you could receive when you retire? Or what is the biggest check you could receive from social security at 62, 67, or 70? How can you qualify for the maximum amount of Social Security Benefits and how can you INCREASE your Social Security check? That is what we are going to talk about in the blog today!
First, let’s start off by looking at HOW you can earn the maximum amount of Social Security benefit. In order to qualify for Social Security benefits you must work 10 years or 40 work credits. The years don’t have to be consecutive, but it must be at least 10. Your earnings history (or how much money you make working) determines the amount of Social Security check you receive on a monthly basis.
In order to get the maximum Social Security benefit, you must work at least 35 years and earn the maximum taxable income for those 35 working years. The maximum taxable income amount for the year 2022 is $144,000. This number increases with COLA. For example, in 2019 the maximum taxable income amount for Social Security was $137,000.
So, said more clearly, in order to get the maximum amount of Social Security benefit, you must work for 35 years or more AND earn the maximum taxable income in those 35 years. How many Social Security recipients are actually receiving the maximum amount of Social Security? Not many. The average Social Security check in 2022 is only $1600. That is almost half of what the actual maximum Social Security check is.
What is the maximum amount you could receive from Social Security? If you qualify under the stipulations above and file at:
62-$2,324
Full Retirement Age- $3,148
70- $3,895
Now unfortunately most recipients of Social Security wont receive the maximum amount of Social Security. So, how can you increase your Social Security Benefit? Easy. I have included links to videos below.
1. Delay Social Security: https://www.youtube.com/watch?v=CbnM79Ssr10&list=PLso81QrK5z5abMmk2d_uWCBU3vSXZFptG&ind
2. File for Spousal Benefit: https://www.youtube.com/watch?v=15gt-9LuJz8&list=PLso81QrK5z5abMmk2d_uWCBU3vSXZFptG&index=1&t=15s
3. File off an ex or deceased spouse: https://www.youtube.com/watch?v=15gt-9LuJz8&list=PLso81QrK5z5abMmk2d_uWCBU3vSXZFptG&index=1&t=15s
Thank you so much for watching and reading this blog on the maximum amount of Social Security Benefit. If you have further questions, or would like to discuss your Social Security situation, please contact me at the links below.
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