Here's Exactly How to Optimize for the $4,194 Social Security Monthly Max
Social Security pays retirees personalized benefits based primarily on how long they worked in covered jobs, the amount they earned in those jobs, and the age at which they choose to collect. The formula involved to calculate those benefits is somewhat complicated. Despite that complexity, all three of those key factors have limits on the upper end of their values. That makes it straightforward to figure out how to maximize your benefits.
That's the good news. The not-so-good news is that while it's straightforward to understand exactly how to optimize for the $4,194 Social Security monthly max, it's a very tough number to hit in practice. Still, understanding how those factors all work together might be able to help you get close enough to have Social Security provide a decent chunk of money every month for your retirement. With that in mind, here are the details on those three key factors and how to use them to maximize your benefit.
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Source Fool.com
