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Eligibility for Social Security: How to Receive $3895 per Month

Social security happens to become an essential income for several Americans who can lead their lives comfortably after retirement. An average of 63 million Americans seem to have benefited from social security benefits in the past year. As per the state records, the total checks going out were estimated to be $1 trillion in that one year alone, reports Yahoo Finance!

The eligibility and benefits

A benefactor receives $1,557 per month in benefits. There is a maximum limit set for a person to receive, which may amount to $3,895. However, the beneficiary may receive more or less depending on various eligibility factors. These determine the amount they receive in the form of benefits they receive from social security.

The number of years the person has worked is important for the authorities to calculate the benefit amount by taking the average from the amount you earned throughout the 35 highest-earning years of your career in any industry or profession. The amount also gets adjusted for inflation. It implies that you need to be working 35 years of your life. If there happen to be times when you have ended up without working will result in a lower average, meaning receiving lesser benefits. Yahoo Finance reported this.

Seeking maximum benefit

Those seeking to garner maximum social security benefits need to have their earnings exceed the SSA maximum taxable earnings limit throughout their career. Go Banking Rates reported this. The maximum benefit received was $142,800 per year in the past year, though this amount may change regularly due to the cost-of-living adjustments to level up when calculating.

Though it’s not possible to earn the maximum benefit each time, you still end up getting an added income to live your life. The person can file for benefits from the age of 62, but if you tend to wait longer, you can benefit more. Waiting till 70 is a great option because you could just add hundreds of dollars in social security benefits to your account.

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