What is the maximum Social Security benefit in 2022 and how to get it explained

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Social Security claimants are getting bigger payouts in 2022 as a result of rising inflation.

in May, inflation rate Viewed at 8.6% compared to a year ago.

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Social Security benefits provide retirees with a partial income they can count oncredit: getty

meanwhile, cost of living adjustment (COLA) for Social Security has been increased to 5.9% for 2022 to help offset some of the increase in costs to senior citizens.

65 million Americans on average receive social Security profit every year.

Social Security benefits are meant to replace about 40% of your pre-retirement income, so it’s important to have other savings, too.

but you might be thinking maximum profit And how to make sure you get them.

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What is the maximum Social Security benefit in 2022?

The maximum a person filing a claim for Social Security retirement benefits in 2022 can receive per month depends on your age.

Anyone who files at 62 can get up to $2,364 per month.

if you your full retirement ageWhich is 66 or 67 (depending on your year of birth), so you can get up to $3,345.

how to get maximum profit

To get the most out of it, you need to take three main steps.

First, you’ll want to make sure you’ve worked for at least 35 years.

If not, then zeros will be averaged in your calculations for each year that you are losing income under that threshold.

You must have earned the taxable maximum salary or more for at least 35 years.

maximum wages taxable $147,000 in 2022, but it changes every year as wages increase.

Once your earnings exceed that wage limit, you’re no longer taxed for Social Security.

The third but probably easiest way to boost your benefits is to delay your claim.

You can start claiming at age 62, but this will result in a permanent 30% reduction in your benefits.

If your full retirement age is 66, you will get 100% of your monthly benefit if you start claiming.

Or if you delay benefits for an additional 12 months, you will receive 108% while if you wait till 70 you will receive 132% of the monthly benefit.

you can’t earn delayed retirement credit After the age of 70, therefore, there is no point in delaying your claim any further.

you can also use max out my social security Professor and economist Lawrence J. Tool by Kotlikoff to help you increase your benefit amount as well.

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For more information on Social Security, we disclose Expense Which accounts for 30% of Social Security benefits.

the sun also reveals four things To learn about the Social Security tax and five things You must do this before making a claim.

LOS ANGELES, CALIFORNIA - JUNE 14: Alabama Barker and Landon Barker attend the Boohuman x Landon Barker launch party at Desert 5 Spot on June 14, 2022 in Los Angeles, California.  (Photo by Philip Faraone/Getty Images for Boohooman)

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LOS ANGELES, CALIFORNIA – JUNE 14: Alabama Barker and Landon Barker attend the Boohuman x Landon Barker launch party at Desert 5 Spot on June 14, 2022 in Los Angeles, California. (Photo by Philip Faraone/Getty Images for Boohooman)credit: Getty Images – Getty

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