Social Security Benefits Up To $4,873 In 2024: Know To Maximize

Many Americans file for Social Security retirement benefits without maximizing their potential payout, leaving a significant amount of money on the table.

However, with the right strategy, you can boost your monthly Social Security check to as much as $4,873—the highest possible amount in 2024.

While reaching this figure isn’t feasible for everyone, these essential tips can help you make the most of your retirement benefits.

Maxing Out Earnings for 35 Years

The first key to maximizing your Social Security payment is reaching the taxable maximum on your earnings for at least 35 years.

The Social Security Administration (SSA) calculates your benefits based on your top 35 earning years. To receive the largest possible benefit, you must earn the maximum taxable income in each of those years.

Here’s a breakdown of 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

(Source: SSA, Contribution and Benefit Base)

To hit the highest Social Security payout, you must have consistently earned at or above these figures over 35 years.

This isn’t easy—most workers don’t earn this much for such an extended period, and some jobs may not be covered by Social Security.

But if your earnings meet or exceed the taxable maximum every year, you’re on track to qualify for the maximum benefit.

File at Age 70 for Maximum Benefits

Another critical factor in receiving the maximum benefit is the age at which you file. Filing at age 70—the latest possible age—allows you to take advantage of delayed retirement credits, which increase your monthly benefit by about 8% for each year you delay filing past your Full Retirement Age (FRA).

Here’s how your benefits change based on when you file:

• At Full Retirement Age (FRA): In 2024, the maximum benefit at FRA (typically 67 years old) is $3,822.
• At Age 70: Delaying until 70 boosts that figure to $4,873, a difference of $1,051 per month.
• At Age 62: Filing as early as possible, at age 62, results in a much lower maximum benefit of $2,710.

Delaying your retirement as long as possible is key to getting the highest monthly check.

Working in Jobs Covered by Social Security

To qualify for Social Security benefits, you must work in jobs covered by the Social Security system. This means that your employer must pay into the Social Security program on your behalf.

If you spend significant portions of your career in jobs not covered by Social Security—such as some government jobs—you won’t be eligible for the same level of benefits.

Summary: Steps to Maximize Your Social Security

If you want to maximize your Social Security check and receive up to $4,873 per month, here’s what you need to do:

1. Earn the Taxable Maximum: Consistently earn at or above the taxable maximum ($168,600 in 2024) for 35 years.
2. Work for 35 Years: The SSA calculates your benefit based on your top 35 earning years, so having fewer years of high earnings will lower your average.
3. File at Age 70: Delay filing for Social Security until age 70 to receive the full benefit of delayed retirement credits, which increase your payout by 8% for each year after your FRA.
4. Work in Jobs Covered by SSA: Ensure your earnings come from jobs that contribute to the Social Security system.

By following these steps, you can maximize your Social Security benefits, and while not everyone will reach the maximum, delaying your filing age and ensuring steady high earnings will significantly boost your monthly checks.

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