Social Security: Key Criteria for Maximizing Benefits?

There are mainly three criteria you must meet in order to earn the maximum Social Security benefit in 2023.

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[{"selector":"#anim-2f68f7a1-a71d-4edd-81a3-e460439d0ff5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] As per the first main criteria, you have to work for at least 35 years. As per the first main criteria, you have to work for at least 35 years. credit getimage

It bases your benefits on your average monthly income from the 35 highest earning years.

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[{"selector":"#anim-94dd8ac3-0666-4c4b-af22-c7a74768d1a0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Second, Social Security payroll taxes must be paid on the maximum taxable income in your highest-earning years out of these 35 years. Second, Social Security payroll taxes must be paid on the maximum taxable income in your highest-earning years out of these 35 years. credit getimage

In 2022, $147,000 was subject to these taxes, and in 2023, that number would increase to $160,200.

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[{"selector":"#anim-b9759b05-7ed2-4025-82a0-7c1d0d851920 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.63970578307931%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The third and final step is to delay benefits until age 70. The third and final step is to delay benefits until age 70. credit getimage

We can claim a check as early as age 62, but many people don't realize that doing so reduces your benefits.

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[{"selector":"#anim-83d98b59-deb6-4c5d-8cb6-1ae34f059a6e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Your checks grow slightly for each month until you reach the maximum benefit at 70. Your checks grow slightly for each month until you reach the maximum benefit at 70. credit getimage

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Social Security: Key Criteria for Maximizing Benefits?

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Social Security: Key Criteria for Maximizing Benefits?

Social Security: Key Criteria for Maximizing Benefits?

There are mainly three criteria you must meet in order to earn the maximum Social Security benefit in 2023.

There are mainly three criteria you must meet in order to earn the maximum Social Security benefit in 2023.

It bases your benefits on your average monthly income from the 35 highest earning years.

It bases your benefits on your average monthly income from the 35 highest earning years.

In 2022, $147,000 was subject to these taxes, and in 2023, that number would increase to $160,200.

In 2022, $147,000 was subject to these taxes, and in 2023, that number would increase to $160,200.

We can claim a check as early as age 62, but many people don't realize that doing so reduces your benefits.

We can claim a check as early as age 62, but many people don't realize that doing so reduces your benefits.

Social Security: Key Criteria for Maximizing Benefits?

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