Social security benefits are something special to look out for. If you were looking to have an extra benefit on your social security, then here is how you can get an additional $70,000 on your lifetime social security benefit.
How does the government calculate the social security benefit?
You will have to know and understand how the government calculates social security to get the extra money. The government keeps all the records of year income and processes it to produce the social security benefit you are liable to. Social security will be calculated on 35 highest-earning years. Further, the government runs through your birth date, and based on the formula, the social security benefit is calculated.
But if you want any such benefit, you will have to wait for your retirement. According to the government, you will have to wait until you achieve the full retirement age (FRA). In most cases, this age is basically between 66 to 68 years for most of the workers. You will have to sign up early because if you sign after the age of 62 and your retirement age is 67, then you won’t get more than 70% of your PIA.
Here is how to get the extra $70,000
If we calculate, the average social security benefit for a person comes out to be $1,661 per month. If you claimed the social security benefit early at the age of 62 and if you lived up to the age of 85, you would get approximately $458,436.
If you sign at the age of 70, and if you get $2,943 per month, you will be landing approximately to the amount of $529,740 if you lived up to the age of 85. But on the other hand, if you have signed for the same social security benefit at the age of 62, then you will be landing up to more than $70000, which is what we are looking for.