Social Security's largest checks got a significant boost on Jan. 1, rising from $4,555 per month to $4,873 per month. That's an extra $3,816 per year for the wealthiest beneficiaries. But as you might imagine, those kinds of checks are pretty hard to come by.
The Social Security Administration bases your monthly benefit on your income during your working years, and only high earners score the biggest checks. Below, we'll look at how much you need to earn and what else you have to do to claim Social Security's maximum benefit.
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Here's the salary you need to get the largest checks
To claim the largest Social Security benefit, you have to pay the maximum amount of Social Security taxes for at least 35 years. That's because the government looks at your income during your 35 highest-earning years when calculating your benefit.
To pay the maximum amount of taxes, your earnings must equal or exceed the cap on income subject to these taxes. It's fairly high -- $168,600 in 2024. However, in prior years, this limit was lower. It's always represented a significant challenge, though, and for most workers, it's just not feasible.
Oh, and in case you're wondering, if you're lucky enough to earn more than the maximum income subject to Social Security taxes in a given year, you won't pay these taxes on any additional earnings during that year. But the government also won't consider that extra income when calculating your benefit in retirement.
There are other requirements too
The income requirements are the biggest hurdle for workers hoping to claim the maximum Social Security checks. But the timing of your claim matters as well. You become eligible for Social Security at 62, but this is technically considered claiming early.
Every month you delay benefits increases your checks slightly until you reach 70. That's when you qualify for your maximum benefit. It's also how long you have to wait to claim if you want the largest checks the program offers.
This might be difficult for some seniors without other sources of income, and it may not be a good idea for those with short life expectancies. These individuals often get more out of the program by starting early rather than holding out for larger, but fewer, checks.
What you can do to increase your benefit
At the end of the day, the largest Social Security benefit is more of a fun statistic than something that's actually relevant to most people's lives. But understanding how the government calculates the maximum benefit is useful. It highlights key factors that you can use to your advantage to boost your future checks.
Some of the most important takeaways are:
- Work at least 35 years: The government looks at your income over your highest-earning 35 years to calculate your benefit. It adds in zero-income years if you've worked fewer years than this.
- Boost your income as much as possible: Even if you never come close to the max, every dollar you earn today will help increase your future benefits.
- Delay claiming if it makes sense for you: If financial constraints or a short life expectancy don't prohibit you from delaying benefits, consider waiting to sign up for Social Security to grow your checks over time.
Keep these tips in mind as you progress through your career, and be on the lookout for changes to the Social Security program that could affect your benefit going forward.
