The highest monthly benefit Social Security will pay in 2024 is $4,873. And over time, that number is likely to grow as Social Security benefits increase in line with inflation.
But most people today aren't getting a monthly benefit that high. And chasing the maximum monthly Social Security benefit may prove to be a frustrating experience for you.
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That doesn't mean you can't take a few basic steps to score the highest benefit possible. Here are two things worth doing in 2024 that could set you up with a higher benefit down the line.
1. Boosting your income
To eventually qualify for the maximum monthly benefit that Social Security will pay, your income needs to meet or exceed the program's wage cap for 35 years or more. This year's wage cap is $168,600, so to get Social Security's maximum benefit, you basically need to be a super high earner throughout your career.
If that's not you, don't sweat it. You may not be able to claim Social Security's maximum benefit during retirement, but if you work on boosting your income, the monthly benefit you're entitled to might be quite generous in its own right.
When it comes to growing your income, you have options. You could try to boost your main job skills to land a promotion and raise. Or you could join the gig economy and report and pay taxes on your wages -- something you're legally required to do if you work on a freelance basis.
Not only might a higher income lead to a more generous Social Security benefit down the line, but it might also make it easier to build retirement savings at present. And that's important because even with a generous monthly payday from Social Security, you're likely to need or want supplemental income during your senior years. So think about the easiest path to a higher wage, and chase it starting now.
2. Making sure your earnings record is correct
The Social Security Administration (SSA) tracks workers' wages on a regular basis since it needs that information to calculate retirement benefits. Keeping tabs on your recorded earnings history could lead to more money from Social Security later in life.
Each year, you'll be issued an earnings statement from the SSA, which you can access on its website. (It should also arrive in the mail each year once you're 60 or older.) If you've yet to review your earnings statement before, make 2024 the year you tackle that task.
If you see that your income is underreported, it could lead to a smaller monthly benefit down the line. That's the sort of thing you'd want to correct.
If you're in a lucrative field, it may be possible for you to eventually qualify for the maximum monthly benefit that Social Security will pay. But even if that's not the case, it definitely pays to make these two moves that could help you snag the highest possible Social Security benefit you have a chance of claiming.
