If you turned 62 this year and you’ve been tracking Social Security news, this might be your chance to secure a monthly payment of up to $2,831. According to the latest schedule from the Social Security Administration, there are three paydays in May, on the 14th, 21st, and 28th, that could bring you these retirement benefits.
In many cases, retirees at 62 get closer to the average amount rather than the maximum. In fact, the average monthly payment for men and women at this age currently stands at $1,341.61. However, the Administration has set 4 specific requirements that, if met in full, could boost your check to $2,831. Wondering what they are?
Details about working 35 years and paying Social Security taxes to increase your retirement check
The first thing to keep in mind is that the Administration calculates your benefit based on your 35 highest-earning years. If you didn’t reach 35 years of work, some lower-earning periods would be counted as zeros, reducing your benefit. Thus, aiming for a full 35-year career is a key step toward higher payments.
The second important factor is paying Social Security taxes over the years. If you had a job that didn’t pay into Social Security, you might qualify for another pension, but you won’t be eligible for retirement benefits through the Administration. That’s why working in Social Security-covered employment is so critical.
Why meeting the taxable maximum and correct filing age matters for bigger checks
The third requirement involves consistently earning the taxable maximum (sometimes called the contribution and benefit base) for 35 years. While this can be challenging, it’s the way to secure the highest possible monthly amount. Consistent, high-level contributions over a long period translate into more substantial payments when you retire.
Finally, when you decide to claim your Social Security benefits significantly impacts the size of your check. At 62, you can start collecting, but filing at your Full Retirement Age, or even waiting until 70, can lead to larger payments. If you’ve already reached 62 and fulfilled the other three requirements, you could see up to $2,831 in May.
Here’s a quick overview of the 4 key requirements you must meet:
- Accumulate 35 years of work.
- Pay Social Security taxes throughout your career.
- Earn the taxable maximum for the required number of years.
- File at the right age to maximize your benefits.
If you’d like an even bigger check, you might consider delaying your claim. Filing at Full Retirement Age can raise your monthly benefit to around $4,018 if you meet all the conditions. Waiting until 70 might unlock a payment of up to $5,108.
Staying informed and planning ahead can make a world of difference in your retirement income. Make sure to review your work history, confirm your taxed earnings, and decide on the best time to file. This approach could help you claim every dollar you’ve earned.