Look, a lot of people can’t work for 35 years because they have family obligations or can’t find a job all that time. And many people can’t delay claiming Social Security checks until 70 either. It’s common to have to (or want to) apply for benefits before then to enable retirement.
Are you within spitting distance of the maximum Social Security benefit of $3,895? | Personal Finance
Finally it’s right more difficult to earn the maximum taxable wage (or more) for 35 years, because the limit of the wage base is very high. In 2022, you must earn $147,000 or more to ensure that your earnings equal or exceed the maximum taxable wage. Most people don’t earn that much. And you’d have to earn the inflation-adjusted equivalent of that big income for 35 years, which is even harder.
The good news is that while you may not be able to earn the maximum Social Security benefit of $3,895, you can still increase your own benefit by taking steps to increase your income or delay the amount of time you claim your checks. This may be worth it if Social Security will be a major source of income in your later years.
The $16,728 Social Security Bonus Most Retirees Completely Overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can give your retirement income a boost. For example, one simple trick can save you as much as $16,728 more… per year! Once you know how to maximize your Social Security benefits, we think you can retire with confidence with the peace of mind we all strive for. Click here to discover how to learn more about these strategies.