Although lots of people receive Social Security benefits after retirement. In 2020, the maximum amount we can receive is $3,790 per month, but only a few of us can qualify for this amount. Why?

Because Social Security Benefits are calculated on the basis of a person’s working history, which includes how many years you work, annual salaries and when this person decide to claim his/her benefits.

We all know that in order to qualify for social security benefits, you must have at least 40 work credits. That’s approximately 10 years of working. Also, social security benefits are related to your annual income. Basically, the more you earn during your 35 highest-earning years, the more monthly payments you will have after retirement. Last, the later you claim your benefits, the more you’ll get.

Hence, in order to maximize your social security benefits, you have to work long enough, get higher payment and wait longer.

Wait, is this the only way?What else can I do to maximize the benefits?

There are still some strategies for you.

  • If your income is less than the maximum taxable earnings level, you can negotiate with your employer.
  • If you work less than 35 years, you can even choose to work part time in order to maximize your earnings.
  • If your income is higher than before and you already worked 35 years, you can choose to work longer in order to replace the low-earning years.
  • If you are in good health, you can choose to wait until 70 to claim your benefits to have higher monthly payments.

All in all, the golden rule is to improve your salaries in order to have more social security benefits. Income plays a most important role in how much you can get, and this is the part you can make efforts from now on.

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