In the United States, there is not one and only official retirement age, nor a set and unique age at which you can claim Social Security. That’s why you may decide to go the extra mile and register for Social Security until the age of 70 years old.
Doing this, could be of great help in matters of your monthly income, since it would be very generous with your income, and that is acceptable, whether you are in final to receive the maximum monthly social Security benefit or not.
How to Get the Maximum Social Security Benefit?
The income you are entitled to receive monthly will depend on your personal income history. That defines whether you can receive your full monthly benefit when you reach full retirement age (FRA). Age approximately between sixty-six and sixty-seven years approximately, everything will depend on your year of birth.
Social Security is financed largely by payroll taxes, but workers do not pay taxes on their income, rather a salary cap is established every year, this is the amount of earnings on which workers will pay taxes.
Every year you delay filing for Social Security beyond full retirement age (FRA), your monthly benefit will grow by 8%. If you apply for retirement this year at the age of seventy, your maximum monthly benefit to be collected is $4,873
However, to receive this amount per month from social security, you must have worked for 35 years and earned a very high salary for all that time, where “very high” refers to having reached or exceeded the Social Security salary limit for those 35 years.The limit this year was set at one hundred and sixty-eight thousand six hundred dollars, last year it was one hundred and sixty thousand two hundred dollars.
Since the salary cap has been increasing with inflation over the years, there is a chance that there have been some years when you have earned less than one hundred and sixty thousand two hundred dollars or one hundred and sixty-eight thousand six hundred dollars and you are still in line to receive the maximum monthly social Security benefit this year.
The detail is that to obtain the right to that benefit, your income had to be really high throughout your working life, if that is not your case, there is a possibility that you will not receive a monthly paycheck of four thousand eight hundred and seventy-three dollars, even if you have delayed filing for Social security until your seventies.
Delaying Your Retirement Could Be Beneficial
If you’re approaching your full retirement age (FRA) and thinking about applying for Social Security, it might pay to work a little harder and delay filing until you’re in your seventies if you’re not sure how much money you’ve saved for retirement.
If you delay your Social security filing until age 70, your benefit may increase monthly, trying to increase your total income at the end of your career, either by an increase in salary or by an extra income from a second job.
Either way there is a lot to gain if you claim your social Security at the age of seventy, this is valid even if you are not within those who are to receive the maximum monthly payment of the social security program.
