The average monthly Social Security retirement benefit right now is $1,907. But that's less than half of the maximum monthly benefit of $4,873.
If you're still working, you don't have to settle for average. Here are three ways to help you claim the maximum possible Social Security benefit.
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1. Work at least 35 years
Let's start with the easiest thing you can do. It's also arguably the most important one. You simply need to work for at least 35 years.
Why is this important? The Social Security Administration (SSA) calculates retirement benefits using a relatively complicated formula. The agency's first step in this calculation, though, is to review an individual's earnings history. The SSA then uses the 35 years with the highest earnings to determine the benefits to be paid.
If you don't have 35 years of earnings history, your monthly retirement benefit will automatically be lower than it would otherwise be. It's also critical that you've worked for at least 35 years in jobs that are eligible for Social Security benefits. For example, railroad workers and some state and local government employees have their own pension systems and don't participate in Social Security.
2. Contribute the maximum amount to Social Security
The next way to help improve your chances of claiming the maximum Social Security benefit possible isn't so easy. You'll need to contribute the maximum amount to Social Security during those 35 working years.
Your retirement benefits are based on how much you've contributed to Social Security. The only way you'll receive the maximum benefit is if you've put in the maximum amount through the years.
Just how much would you have to make to reach the maximum contribution? It changes each year. The following table shows the maximum earnings thresholds since 1973:
| Year | Earnings | Year | Earnings |
|---|---|---|---|
| 1973 | $10,800 | 1999 | $72,600 |
| 1974 | $13,200 | 2000 | $76,200 |
| 1975 | $14,100 | 2001 | $80,400 |
| 1976 | $15,300 | 2002 | $84,900 |
| 1977 | $16,500 | 2003 | $87,000 |
| 1978 | $17,700 | 2004 | $87,900 |
| 1979 | $22,900 | 2005 | $90,000 |
| 1980 | $25,900 | 2006 | $94,200 |
| 1981 | $29,700 | 2007 | $97,500 |
| 1982 | $32,400 | 2008 | $102,000 |
| 1983 | $35,700 | 2009 | $106,800 |
| 1984 | $37,800 | 2010 | $106,800 |
| 1985 | $39,600 | 2011 | $106,800 |
| 1986 | $42,000 | 2012 | $110,100 |
| 1987 | $43,800 | 2013 | $113,700 |
| 1988 | $45,000 | 2014 | $117,000 |
| 1989 | $48,000 | 2015 | $118,500 |
| 1990 | $51,300 | 2016 | $118,500 |
| 1991 | $53,400 | 2017 | $127,200 |
| 1992 | $55,500 | 2018 | $128,400 |
| 1993 | $57,600 | 2019 | $132,900 |
| 1994 | $60,600 | 2020 | $137,700 |
| 1995 | $61,200 | 2021 | $142,800 |
| 1996 | $62,700 | 2022 | $147,000 |
| 1997 | $65,400 | 2023 | $160,200 |
| 1998 | $68,400 | 2024 | $168,600 |
Data source: Social Security Administration. Table by author.
3. Wait until age 70 to collect Social Security benefits
There's also one more thing you can do to try to receive the maximum possible retirement benefit. Don't just hold off until your full retirement age (FRA) to collect benefits; wait until you reach age 70 to do so.
For every month you delay claiming retirement benefits past your FRA, the SSA will increase your benefit -- until you turn 70. Anyone born in 1943 or later will receive an additional two-thirds of 1% per month. That adds up to 8% per year, or 24% if you delay until age 70.
Could waiting until 70 be a bad financial move? Sure, if you don't live long enough for the extra monthly benefits to outweigh the period when you could have received benefits but didn't. However, an analysis conducted by the National Bureau of Economic Research in 2022 found that more than 90% of Americans would receive greater lifetime benefits if they delayed claiming Social Security until age 70.
Not an easy goal to achieve
Admittedly, receiving the maximum possible Social Security retirement benefit isn't an easy goal to achieve. Most people don't contribute the maximum amount to Social Security throughout their careers. Many choose to retire before age 70. Some don't work the 35 years required.
Even if you don't get the maximum benefit, though, following these three steps can help boost your retirement benefits. Reaching the maximum is difficult, but beating the average won't be for many people.
