Millions of Social Security claimants are about to get a check boost – and claimants in the near future will want to prepare themselves so they can maximize their benefits.
medium Social Security benefits in 2022 will be increased to $1,657 per month, an increase of $92.
Additionally, the maximum benefit will increase to $4,194 a month.
People with birthdays between the 1st and 10th will receive the new check on the second Wednesday of the month.
Those whose birthday falls between the 11th and the 20th will receive their benefit on Tuesday, and claimants with a birthday between the 21st and the 31st will receive their check on Wednesday. fourth of the month.
Going forward, we explain how you can put yourself in the best position to maximize your Social Security check.
Once you hit 62, you can start getting Social Security benefits – but you’ll earn more if you don’t claim it right away.
If you can live without income for a few more years, you can wait until full retirement age.
This number is usually 66 or 67, depending on the year you were born.
Claiming at 62 may result in a 30% reduction in benefits, according to Social Security Administration.
If your full retirement age is 66, you will receive 100% of your monthly benefit if you start claiming later, according to SSA.
If you defer benefits by 12 months, you will receive 108% and 132% of your monthly benefit if you wait until 70.
Suspension of benefits
If you’ve made the mistake of asking for a Social Security check too soon – you might want to consider suspend them.
Remember that by doing this, you will have to repay the benefits that you have been provided.
But as long as it’s been within 12 months of you initiating the claim – you can restart the meter and get another chance to maximize your benefits.
To do this, you need to ask SSA to suspend your benefits.
You can do it by filling in withdrawal form and take it to your local Social Security office once it’s done.
Working 35 years
An important factor in determining how much you get in your Social Security check is your employment history.
First, you’ll want to make sure you’ve worked for at least 35 years.
Otherwise, zeros will be the average in your calculation for each year you lack income below the 35-year threshold.
But just because you won’t get a zero GPA over the course of your work – that doesn’t mean you’ll get the maximum benefit.
Perhaps the biggest determining factor in your Social Security check is how much you earn during your employment.
Simply put, the more you earn over the course of your career, the more you can claim.
The maximum taxable salary is $147,000 in 2022.
Also, keep in mind that the threshold increases every year.
Once your earnings exceed that wage limit, you won’t be taxed on it for Social Security.
In other words, to maximize your Social Security, try to increase your income if you can.
We explain how much you will Losing by withdrawing money from your retirement account too soon.
Plus, check out Social Security changes this year that can affect your finances.
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https://www.the-sun.com/money/4396718/maximum-social-secuirty-checks-steps/ Four steps to getting Social Security benefits up to $4,194 this year