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With the right strategy, you can increase your monthly benefit amount and earn more than average. Here’s exactly what you need to do to earn a monthly maximum $4,555 social security benefit.
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Ways to reach maximum $4,555 Social Security Benefit [Photo: The Motley Fool]
How To Earn A Maximum $4,555 Social Security Benefit?
- Work for at least 35 years – the Social Security Administration will use your 35 highest-earning years to calculate your benefit amount. Those earnings are averaged and run through a formula to account for cost of living changes over the years. Then, the result is your full benefit amount to receive. But, if you haven’t worked for at least 35 years, you will get a smaller benefit.
- Delay claiming until age 70– the benefit you will receive is based on your earnings if you file at your full retirement age (FRA). If you want to earn more from Social Security, you need to wait until 70 to file. You will receive your full benefit amount and a bonus of at least 24% monthly.
- Reach the wage cap– for you to earn a monthly maximum $4,555 Social Security benefit, you need to be consistent in reaching these income limits throughout your career.
SOURCE– These three factors will affect your benefit amount. If you want to earn a monthly maximum $4,555 Social Security benefit, you need to meet all the requirements. Reaching the $4,555 monthly payment is an unrealistic goal for many people, but taking small steps to earn more can set you up for a more financially secure retirement.
