An average retiree receives $1,555 per month from Social Security, or $18,660 annually. This is a fascinating statistic, but it does not tell you how much you can expect to receive from the program. Many workers can get more from Social Security. These are the signs you might be one of these workers.1. You have a lot of moneyWhen calculating your Social Security benefits, the government considers your AIME (average monthly income for 35 years of highest earning), adjusted for inflation. These years of high income can translate into larger Social Security benefits, up to a point.Social security taxes will not apply to the first $142,800 earned in 2021. This money will not increase your check because you don't pay taxes on any amount above this amount.To receive an above-average benefit, you don't have to make six figures per year. Based on the current Social Security benefit formula, a $50,000-per-year earner would receive a monthly full benefit of approximately $1,911 if adjusted for inflation.You can take action now to increase your income if you want to receive the highest checks. Consider promotions, working overtime, switching employers, or starting a side business.2. 2. You are delaying your benefits beyond your full retirement ageTo receive the full Social Security benefits you are entitled to, you must wait to reach your full retirement age (FRA), which can be between 66 and 67 depending on your birth year. Your checks will be reduced slightly for every month that you receive benefits prior to this age. If their FRA 67 is less than 67, those who sign up at 62 before the age of 66 will receive 70% of their total benefit per check. 75% for those who are 66 or older.You will receive your maximum benefit at 70 if you do not delay your benefits beyond your FRA. If your FRA 67 is higher than 124%, this is 132%. If your FRA 66 is lower, it is 132%.Even if you get less than the national average, such as $1,400 at your FRA for 67, you can still receive $1,736 per monthly by delaying Social Security until you are 70.Delaying benefits is not always possible. People who suddenly have to retire or don't have enough savings may need to enroll in Social Security immediately to pay for their living expenses. Those who aren't sure they will live beyond their 70s should sign up earlier for benefits. This will allow them to get more benefits overall, while if they wait until they turn 70, they might only be able to claim benefits for a few months before they die.3. My Social Security account will tell you if you are eligible for a large-pay checkYou can easily check your my Social Security account to see if you are expecting a higher-than-average Social Security payment. Based on your work history, you can view an estimate for your average monthly benefit.You can also see your earnings record. This shows how much you have paid in Social Security taxes each year that you worked. This should be viewed at least once a year to ensure that all information matches your own records. You could be paid less than you are due if the government doesn't match your records.You can submit a Request to Correct Earnings Record form to the Social Security Administration if you discover an error.You can also access a benefit calculator in your my Social Security account to determine how changes in income or starting ages may affect the amount of the program. You can also check how much spousal Social Security benefits you might be eligible for if you are married. Your household benefits can be maximized by working with your spouse to determine the ideal starting age for you both.While it's hard to predict how much Social Security will pay you as you are still far from signing up, if any of these signs apply to you, you can expect substantial Social Security checks.But that doesn't mean your personal savings can be skipped. Because the future of Social Security is uncertain, you still need to have a substantial nest egg to cover any gaps in Social Security.Once you have an idea of what you can expect from Social Security, and how much you will need to retire, it is possible to start planning a savings strategy that will help you ensure a comfortable retirement.
