Many Americans miss out on maximizing their Social Security retirement benefits by not knowing how to fully leverage their earnings history and timing.
To achieve the maximum monthly Social Security check of $4,873 in 2024, specific requirements must be met. Here’s a guide to help you understand how to boost your payments.
Earning the Taxable Maximum for 35 Years
The Social Security Administration (SSA) calculates benefits based on your highest 35 years of earnings. To qualify for the maximum payment of $4,873, you need to have earned the taxable maximum each year for 35 years.
The taxable maximum refers to the highest amount of income that is subject to Social Security taxes.
Here’s a look at the recent taxable maximums:
| Year | Taxable Maximum ($) |
|---|---|
| 2015 | 118,500 |
| 2016 | 118,500 |
| 2017 | 127,200 |
| 2018 | 128,400 |
| 2019 | 132,900 |
| 2020 | 137,700 |
| 2021 | 142,800 |
| 2022 | 147,000 |
| 2023 | 160,200 |
| 2024 | 168,600 |
Not all workers will achieve these earnings, as it requires consistent high-paying jobs covered by SSA for 35 years. If your income falls below the taxable maximum for even one year, it can reduce your overall benefit.
Filing for Benefits at Age 70
To receive the highest possible benefit, it’s crucial to delay filing for Social Security until age 70.
While the Full Retirement Age (FRA) is 67 for most workers, delaying your claim increases your benefit by 8% per year after FRA, thanks to delayed retirement credits.
Here’s how different filing ages affect your maximum payment:
- At age 70: You can receive up to $4,873 per month.
- At Full Retirement Age (67): The maximum is $3,822 per month.
- At age 62 (the earliest you can file): The maximum drops to $2,710.
Filing early can significantly reduce your monthly payment, so waiting until age 70 maximizes your benefit by taking full advantage of delayed credits.
Summary of Requirements for the Maximum Payment
To achieve the highest Social Security payment of $4,873 per month:
- Earn the taxable maximum for 35 years.
- Work in jobs covered by SSA to ensure your earnings count toward Social Security.
- Delay filing for benefits until you reach age 70 to gain delayed retirement credits.
By meeting these requirements, you can ensure that your Social Security check is as large as possible, providing you with better financial security in retirement.
FAQs
What is the maximum Social Security payment in 2024?
The maximum payment is $4,873 per month for those who meet all eligibility requirements.
How many years of high earnings do I need to get the maximum payment?
You must earn the taxable maximum for 35 years.
What is the earliest age to file for Social Security?
You can file as early as age 62, but your payment will be significantly lower.
How much can I receive if I file at Full Retirement Age?
If you file at Full Retirement Age (67), the maximum monthly payment is $3,822.
What happens if I file for Social Security at age 70?
Filing at age 70 allows you to receive the maximum payment, which could be up to $4,873.
