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Social Security Eligibility: What It Takes to Receive Max Monthly $3,895

GOBankingRates
GOBankingRates
 5 days ago
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For many Americans, social security benefits are a major source of income after retirement . In 2021, an average of 65 million Americans will receive monthly social security benefit checks totaling over $1 trillion paid during the year, according to the Social Security Administration.

See: How Does Social Security Get Calculated?
Find: 5 Social Security Benefits You Can Claim Online

While the average retiree receives $1,557 per month in benefits, the maximum you can receive per month is $3,895, as GOBankingRates previously reported . However, how much you receive depends on numerous factors.

Number of Working Years

How long have you worked? The Social Security Administration calculates your benefit amount by taking an average of your earned wages over the 35 highest-earning years of your career — adjusting for inflation over the years.

Think means you’ll need to have worked at least 35 years during your life, GOBankingRates reported , and times you weren’t working will result in a lower average and less money.

Lifetime Earnings

To be eligible for maximum benefits, you must have consistently had earnings that have equaled or exceeded the SSA’s maximum taxable earnings limit throughout your career. For 2021, the maximum limit is $142,800 per year, although the amount changes yearly to account for cost-of-living adjustments.

Even if you don’t consistently earn the maximum limit,  noted that you can still boost your benefit amount by increasing your income.

When You Plan to File for Benefits

Another important factor is when you plan to file for benefits. While you can file for social security benefits as early as age 62, waiting longer can earn you more money. If you wait until the age of 70, you are more likely to receive more benefits. You could potentially collect hundreds of dollars more per month if you wait until at least 70.

See: 5 Social Security Benefits You Can Claim Online
Find: Next Year’s Social Security Checks Could Get Biggest COLA Bump in 13 Years

However, even if you were on track for maximum benefits eligibility, by filing at the age of 62, you would only receive $2,324 per month . Waiting those 8 years makes a big difference.

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This article originally appeared on GOBankingRates.com : Social Security Eligibility: What It Takes to Receive Max Monthly $3,895

Comments / 89

Cracker Jacques
29d ago

You pay into it... receive zero investment, zero return and will never recoup your costs. Only the federal government could pull that off for 120 years.

Reply(2)
19
Patricia Franklin
28d ago

if everyone was guaranteed to live to be 70 then yeah we could get the max. but people are dying young these days. with all the lying and the cheating done by our president and congress. what can we do especially if you worked until a Dr makes a surgical mistake the only one paying for it is the victim.

Reply(18)
15
Daris Combs
24d ago

I think our SSI should not be taxed at all. It’s hard enough without being taxed! I worked and paid taxes for fifty years, and now retired I can look forward to paying until I die.

Reply(6)
12

Comments / 0