For millions of seniors, Social Security is a lifeline. Around 40% of retirees say they rely on their benefits “completely,” according to a 2022 survey from The Motley Fool.
However, the average benefit amount in 2023 is around $1,827 per month, which amounts to just under $22,000 per year. As costs continue to rise, it will become more and more difficult to survive on Social Security alone.
It is possible, though, to increase your monthly benefit amount. In 2023, the most you can collect from Social Security is $4,555 per month. Here’s exactly how to achieve it.
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1. Work for at least 35 years
To calculate your benefit amount, the Social Security Administration takes an average of your earnings over the 35 years of your career that you earned the most money. That number is then run through a complex formula to account for inflation, and the result is…
