Want the Max $4,555 Social Security Monthly Benefit? 7 Things to Do Before Retirement
If you're thinking that Social Security will provide much of your retirement income, think again. As of August, the average monthly Social Security retirement benefit was $1,840. That's only about $22,000 over the course of a year. Fortunately, though, if you've earned more than average in your working life, your benefits will be above average. There's a limit, though. The maximum monthly benefit for those who start collecting in 2023 after having waited until age 70 is $4,555 -- about $54,660 annually.
Relatively few of us will be able to qualify for that $4,555 benefit, though. Still, there are multiple ways to beef up your benefits, and, just as importantly, some powerful moves to make before retirement.
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Source Fool.com
