Social security income is likely to be crucial for many, if not most, of us in retirement, so it is natural to want to collect as much as possible from the program. There are several ways to increase your benefits, but no matter what you do, you are unlikely to end up with the maximum monthly benefit of $ 4,194 – and most of us are unlikely to come close.
Here’s a look at why the maximum social security benefit of $ 4,194 is out of our reach – along with some ways to increase your benefits anyway.
What to expect
Let’s put the scene first. Many people have no idea what kind of income social security offers. It was actually designed to provide only about 40% of early retirement income, so do not be surprised if it delivers less than you thought.
Recently, the typical monthly social security pension benefit was $ 1,661 – about $ 20,000 annually. If you earned higher than average while working, you get more, but not necessarily much more. (And, of course, if you earned less than average, perhaps because you stayed home for years caring for children or parents, you may be able to collect less than the $ 1,661 check.)