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Pension in the USA: who gets the maximum monthly payments and how to get into this group

For many Americans, social security benefits are their main source of income after retirement. According to the Social Security Administration (SSA), in 2021, an average of 65 million Americans will receive monthly Social Security checks totaling more than $ 1 trillion. Writes about it Yahoo!

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While the average retiree receives $ 1557 a month in benefits, the maximum payout could be $ 3895. However, how much you get depends on many factors.

Number of working years

The Social Security Administration calculates your benefit based on your average wage over the 35 years with the highest earnings in your career, adjusted for inflation over those years.

This means that you need to work for at least 35 years during your life. If you haven't worked for several years, then the salary for these years will be $ 0 and will lower the average amount.

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Permanent earnings

To be eligible for maximum benefits, you must have consistent earnings equal to or greater than SSA maximum taxable income throughout your career. For 2021, the maximum cap is $ 142 per year, although the amount changes annually to reflect cost-of-living adjustments.

Please note that even if you do not consistently earn the maximum cap, you can still increase your benefit by increasing your income.

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When you plan to apply for benefits

Another important factor is when you plan to apply for benefits. After all, you can apply for Social Security benefits as early as 62, but a longer wait will bring you more money. Waiting until the age of 70 increases the chances of receiving the maximum benefit.

However, if you qualify for the maximum benefit and apply at age 62, you will only be paid $ 2324 each month. These 8 years are of great importance.

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