(WTNH) — Most people will be relying on social security payments to some degree in retirement. We are stretching your dollar with steps you can take now no matter what your age to help set you up later.
Monthly benefits can vary greatly, making it important to try and maximize your payment. According to the financial website The Motley Fool, the average social security benefit for retired workers is about $1,500 per month. That works out to a little more than $18,000 a year.
But some people could receive an average of almost $3,800 a month – That comes out to more than $45,000 a year.
The Motley Fool gives three steps to take to try and make your payment one of the higher ones. First, maximize your earnings form work. Easier said than done for many people. But the more you make each year, the higher your average career earnings will be when it comes time to calculate your retirement benefit.
Work 35 years – the social security administration takes the top 35 earning years of your career to calculate your benefit.
For every year short of 35, a zero is calculated into the equation and that will drag down your overall average earnings.