Who can get an extra $1,983 in their monthly Social Security check
The average Social Security payment in 2023 is $1,827, however, depending on a series of factors, you could possibly get much larger payments. Here’s how…
Any American who has worked for at least 10 years and paid the corresponding taxes may be eligible for monthly old-age Social Security payments, once you’ve reached the minimum age to claim.
The Social Security Administration (SSA) issues millions of payments monthly to all Social Security beneficiaries, which, although they also include people with disabilities, the majority are retired workers.
The exact amount to receive will depend on the age at which the beneficiary requested retirement, as well as the number of years worked and the salary received during this period. The amount increases year after year thanks to the cost of living adjustment (COLA), which is made to help the payments keep up with the current inflation and avoid the loss of purchasing power when the rate of inflation is high.
In 2023, the average Social Security payment is $1,827 for individuals. However, there is a way recipients can get a few extra dollars.
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Who can get an extra $1,983 in their monthly Social Security check
Current workers should start thinking about their future if they want a higher payout when they file for retirement. One of the most important factors considered by the SSA is the age of the beneficiary at the time of applying for benefits.
The longer you wait to retire, the greater the amount you will receive monthly. Those who retire and begin to claim benefits at the minimum age of 62 years old, can aspire to the maximum benefit of $2,572 dollars per month. However, those who delay their retirement to age 70 or later, they can receive a maximum payment of up to $4,555 dollars; that is, an extra $1,983 difference.
It is worth mentioning that to be eligible for the maximum payment, in addition to being 70 years old at the time of retirement, the applicant must also have worked for 35 years and paid payroll taxes for Social Security Insurance at the maximum taxable income level. In 2023, the first $160,200 is subject to these taxes.