Current:Home > ScamsWant the max $4,873 Social Security benefit? Here's the salary you need. -WealthMap Solutions
Want the max $4,873 Social Security benefit? Here's the salary you need.
View
Date:2025-04-18 08:17:12
In bowling, 300 is the highest score. If you play golf, the best you can do is 54 (making a hole-in-one on all 18 holes). But what's the "perfect score" for Social Security recipients -- the highest level of benefits possible?
Currently, the greatest monthly benefit payable to retired workers is $4,873. Want to get that maximum benefit? Here's the salary you'll need.
The magic number(s)
To even have a shot at receiving the maximum Social Security benefit when you retire, you'll need to earn $168,600 this year. So is this the magic number to make? Yes and no.
It is the earnings threshold you must achieve in 2024. However, the maximum changes nearly every year. Because of how Social Security retirement benefits are calculated, you must make the maximum salary for 35 years.
Instead of a magic number for getting the maximum Social Security benefit, there are multiple magic numbers. The following table shows the maximum earnings thresholds by year since 1973:
Data source: Social Security Administration.
It's important to know that you must work in a job in which you contribute to Social Security. Some state, county, and municipal employees are covered by state-funded pension plans and not by Social Security. Federal employees hired before 1984 were under the old Civil Service Retirement System. Railroad employees are also covered under a different pension system.
Hitting the earnings thresholds won't be enough
So if you earn the "magic amount" for 35 years, will you be guaranteed to receive the maximum Social Security benefit when you retire? No. Hitting the earnings thresholds isn't enough by itself.
The maximum $4,873 monthly benefit in 2024 is only paid to individuals who wait until age 70 to retire. If you retire at your full retirement age (FRA) this year, your maximum monthly benefit would be $3,822. If you retire at 62, the earliest age possible to collect Social Security, your maximum monthly benefit would only be $2,710.
Social Security imposes an early retirement penalty for anyone who begins receiving benefits before reaching FRA. The federal program also rewards those who hold off on claiming benefits until after their FRA with delayed retirement credits. Those credits apply only through age 70, though.
A steep challenge
As you've likely figured out, getting the maximum Social Security retirement benefit is a steep challenge. Few Americans will achieve the goal.
However, there are things you can do to come as close to reaching the max as possible. Work at least 35 years. Make as much money as possible during those years. Delay collecting Social Security benefits until age 70. Even if you can't receive the maximum benefit, you can still increase how much your benefit will be.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
Offer from the Motley Fool:The $22,924 Social Security bonus most retirees completely overlook
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets"
veryGood! (27)
Related
- Former longtime South Carolina congressman John Spratt dies at 82
- Royals sweep Orioles to reach ALDS in first postseason since 2015: Highlights
- Chad Ochocinco, Steelers legend James Harrison to fight in MMA bout before Super Bowl
- Casey, McCormick to meet for first debate in Pennsylvania’s battleground Senate race
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Ryan Murphy Says Lyle and Erik Menendez Should Be Sending Me Flowers Amid Series Backlash
- Rare whale died of chronic entanglement in Maine fishing gear
- Meet the Sexy (and Shirtless) Hosts of E!'s Steamy New Digital Series Hot Goss
- As Trump Enters Office, a Ripe Oil and Gas Target Appears: An Alabama National Forest
- Animal welfare advocates will plead with Texas lawmakers to help cities control stray pet population
Ranking
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- Tina Knowles Details Protecting Beyoncé and Solange Knowles During Rise to Fame
- Matthew Perry's Doctor Mark Chavez Pleads Guilty to One Count in Ketamine Death Case
- Mormon faith pushes ahead with global temple building boom despite cool reception in Las Vegas
- Don't let hackers fool you with a 'scam
- Video shows mules bringing resources to Helene victims in areas unreachable by vehicles
- Dana Carvey talks 'top secret' Biden role on 'SNL': 'I've kept it under wraps for weeks'
- Guard charged in 2 deaths at troubled Wisconsin prison pleads no contest to reduced charge
Recommendation
Average rate on 30
Friends lost, relatives at odds: How Oct. 7 reshaped lives in the U.S.
Australian TV Host Fiona MacDonald Announces Her Own Death After Battle With Rare Disorder
Eminem's Daughter Hailie Jade Is Pregnant, Expecting First Baby With Evan McClintock
Israel lets Palestinians go back to northern Gaza for first time in over a year as cease
Record October heat expected to last across the Southwest: 'It's not really moving'
The fate of Nibi the beaver lands in court as rescuers try to stop her release into the wild
Messi collects 46th trophy as Inter Miami wins MLS Supporters' Shield