The maximum possible Social Security benefit in 2022 is $4,194 per month, or $50,328 for the year. While this may sound like an excellent stream of inflation-protected retirement income, the reality is that very few Americans qualify for checks that large from the government program. Show
With that in mind, here's a rundown of the three criteria that a person must meet in order to receive the maximum Social Security retirement benefit possible, how much the average American really gets, and how you can use this knowledge to maximize your own Social Security benefits. Image source: Getty Images. How to get the maximum Social Security benefitFor a person to get the maximum possible Social Security retirement benefit, all of these things must be true:
As you might imagine, few retirees meet all three of these criteria. Most have at least 35 years of work experience. But the other two are far less common.
How much will you get from Social Security?As of March 2022, the average Social Security retirement benefit was $1,665 per month -- far below the maximum. The program is designed to provide a benefit that replaces about 40% of the typical American's pre-retirement income. It's not intended to be sufficient as a person's sole source of cash in retirement. The best place to get a personalized estimate of your future benefit is to log in to your "my Social Security" account (and if you haven't yet created one, you should) and view your most recent statement. Among other information, it will include an estimate of how big your benefit will be at full retirement age, as well as estimates for what you would receive if you claimed Social Security early or late, based on your actual work record. How to maximize your own Social Security benefitThe bottom line is that although most retirees won't qualify for the maximum Social Security benefit, understanding how the benefit is determined puts you in a better position to maximize yours to the degree that it's possible. For example, if you've only worked for 34 years and are considering retiring, it could be worthwhile to stay at your job for another year in order to prevent a zero from being used when calculating your lifetime average. Or if you're thinking of claiming Social Security at 65, waiting until your full retirement age could increase your monthly checks by hundreds of dollars. Social Security is the only inflation-protected income stream that the majority of retirees will have, so it's smart to figure out how much you can expect from it, and to take steps to increase that benefit if you think you'd appreciate a little more reliable income after you retire. The Motley Fool has a disclosure policy. How much do you have to earn to get maximum Social Security?In 2022, if you're under full retirement age, the annual earnings limit is $19,560. If you will reach full retirement age in 2022, the limit on your earnings for the months before full retirement age is $51,960.
What is the maximum amount you can earn while collecting Social Security in 2022?If you will reach full retirement age in 2022, the limit on your earnings for the months before full retirement age is $51,960. Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
How many years do you have to work to get maximum Social Security?You need to earn at least the taxable maximum each year for 35 years to get the maximum possible Social Security payment. If you don't work for 35 years, zeros are averaged into your calculation and will decrease your Social Security payments.
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