$75,000 Salary? Boost Your Social Security Benefits to $2,646.70/Month

Social Security provides a foundation it may not be enough on its own so it’s important to save more and invest wisely to ensure a secure and comfortable retirement.

Maximize Your Social Security Benefits

Many Americans are not saving enough for retirement. Social Security benefits are important but often not enough. If you earn about $75,000 a year, it’s crucial to understand how Social Security payments are calculated. To qualify, you need at least 40 work credits earned over time. The retirement age varies: it’s 66 if you were born before 1955 and 67 for later years. You can retire early at 62 but your benefits will be lower.

The amount you receive from Social Security is based on your highest 35 years of earnings, adjusted for inflation. For someone making $75,000 annually, this equals around $2,646.70 per month if claimed at full retirement age. If you retire at 62, your monthly benefits would be reduced by about 30%. Waiting until after 67 can increase your benefits by 8% for each year until age 70, according to the report of Marca.

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(photo: La Grada)

Maximize Your Retirement Income

While Social Security helps, it might not be enough to maintain your lifestyle in retirement. Financial experts recommend saving more and investing wisely to supplement your Social Security income. This approach aims to ensure a more secure and comfortable retirement. As you plan for the future managing your finances carefully is essential to enjoying your retirement years without financial worries.

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