2023-10-22 00:22:43
Obtaining greater income than what retirees receive from Social Security can be a very important help to carry out each of their daily expenses, and a way to combat high inflationary prices. ¿How does it sound to you to receive an extra $1,983? to what you currently receive? This would translate into $24,000 void dollars. It is possible and in Solo Dinero we are going to tell you how you can achieve it.
The basic rule of Social Security is that the sooner you collect your benefits, the less money you will receive per month and the more years it takes for you to claim them, the better income you will have. According to the Social Security Administration (SSA), for each year you delay retirement after your full retirement age (FRA), up to age 70, Your profits can increase by approximately 8%.
Now, if you’re wondering where those extra $1,983 dollars are that you can receive in your retirement income, these are the maximum benefits authorized for 2023. We are going to explain it to you according to the different average ages.
-If you request your retirement income at age 62, you will receive a maximum benefit of $2,572 dollars.
-If you request your retirement income at age 67, you will receive a maximum benefit of $3,627.
-If you request your retirement income at age 70, you will receive a maximum benefit of $4,555 dollars.
With this we want to explain to you that the difference between claiming the maximum retirement benefits at age 62 and at age 70 is $1,983 dollars.
The first requirements that you must meet to reach these amounts are:
-Having delayed your retirement benefits until age 70
-Have worked at least 35 years
-Have obtained at least the maximum taxable profit in each of those 35 years
The taxable earnings limit increases each year, for 2023 it is $160,200.
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