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Social Security

Social Security: Check If You Are Eligible For $3,895 Per Month

Look Back At Stimulus Checks And US Economy 2021

Social security benefits are a substantial income source for several Americans once they retire. According to the Social Security Administration, an average of 65 million Americans received monthly Social Security benefits totaling over $1 trillion in 2021.

Social security card and American money dollar bills close up concept

According to GOBankingRates, while the typical retiree earns $1,557 per month in benefits, the maximum amount you can obtain per month is $3,895. However, the amount you receive is determined by several variables.

The following are the variables:

Years of Work Experience

How long have you been employed? The Social Security Administration determines your retirement benefit by averaging your earned salaries over the 35 highest-earning years of your chosen profession, with inflation factored in. This means individuals will need to have been employed for at least 35 years of their life, with periods of unemployment resulting in a lower average and less money.

Earnings Over a Lifetime

You may have continuously had income that equaled or above the SSA’s maximum taxable earnings limit to be qualified for full benefits during your career. The highest annual limit for 2021 is $142,800, while the amount varies annually to allow for cost-of-living adjustments.

Even if you do not even constantly earn the highest level, increasing your income can still increase your payout.

When Do You Plan To File For These Benefits?

Another crucial consideration is the date you intend to file for benefits. While you can apply for social security payments as early as age 62, waiting a little further can pay off. You are much more likely to obtain greater benefits if you wait until you are 70 years old. If you wait until you’re at least 70, you might potentially earn hundreds of dollars more per month.

Even if you’re on track to get the highest return, filing at the age of 62 will only get you $2,324 per month. It makes a tremendous difference to wait those eight years.

 

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