Employees must have a minimum of 35 years work experience.

35 years

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If the individual has worked beyond 35 years prior to their retirement, only the highest-earning years will be considered in the calculation.

For individuals who have worked fewer than 35 years, their benefit amount may be reduced as a result of zero-earnings years factored into their overall earnings average.

This can prevent them from reaching the maximum Social Security payment of $4,555.

$4555

Advantage of Retiring at age 70

70 YEARS

Social Security Administration (SSA) allows individuals to delay their benefits until this age, potentially leading to a higher benefit rate.

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AUDIBLE

An individual's Full Retirement Age (FRA) is determined by their birth year, with the range being between 66-67 years old.

FRA

Wait until age 70 to maximize Social Security benefits.

Claiming at 67 yields a maximum benefit of $3,808 per month.

Claiming at 62 yields a maximum benefit of $2,572 per month.

Consider delaying claiming Social Security benefits until age 70 if you can financially afford to do so.

Adhere to the wage cap guidelines in order to achieve desired outcomes.

GUIDELINES

The Social Security wage cap is the highest income subject to taxation, which changes from year to year in order to account for inflation.

In 2023, the wage cap limit will be $160,200 per year.

In 2022, the wage cap limit is $148,600 per year.

For comparison, in 1988 the wage cap was set at $45,000 per year.

Work consistently and stay at or near the wage cap for Maximum Social Security benefits.

Monitor the wage cap for any changes, as it can increase over time.

Maximize contributions to 401(k)s and IRAs to supplement Social Security payments.

Review Social Security statements regularly to ensure accuracy in benefits calculations.

So by following these steps you can maximize your social security benefits.

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