The more money you earn in your lifetime, the higher the monthly Social Security benefit you should be in line for once you retire. Each year, Social Security has a maximum monthly benefit it's willing to pay workers at their full retirement age, which is when you're entitled to your complete benefit without a reduction.
In 2024, the maximum monthly Social Security benefit at full retirement age was $3,822. In 2025, it's rising to $4,018. And if you're a higher earner who's reaching full retirement age in 2025, you may be eager to claim Social Security and potentially pocket that $4,018 per month.
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But with the right strategy, you could actually set yourself up for an even larger monthly Social Security benefit for life. All you need to do is sit tight a bit longer.
Waiting to sign up for Social Security can pay off
If you were born in 1959, your full retirement age is 66 and 10 months. You may be reaching full retirement age in 2025 depending on when your birthday falls. And if you earned the equivalent of Social Security's annual wage cap throughout your 35 highest-paid years in the workforce, you may be in line for a $4,018 monthly check if you sign up for benefits once your full retirement age officially arrives.
But you should know that for each month you delay your Social Security claim beyond full retirement age, your monthly benefit grows by 2/3 of 1%. Now, once you turn 70, that benefit can't grow anymore. But if your full retirement age is 66 and 10 months, you have the potential to boost your monthly benefit by 25.33% by filing at 70. And if you're entitled to a monthly benefit of $4,018 this year and delay your claim until age 70, you can set yourself up with $5,036 per month in Social Security instead.
A painless way to pull off a delayed Social Security claim
Of course, the downside of delaying Social Security -- besides waiting to get your money -- is that you may need to work longer. After all, if you aren't getting Social Security, you'll need some income to cover your expenses.
However, if you're someone who's in line for the program's maximum monthly benefit, it means you were a pretty high earner throughout your career. If that's the case, it may be that you've amassed a nice amount of savings you can tap to tide yourself over until your monthly Social Security benefits start rolling in.
Even if you don't have a large nest egg to fall back on, let's say you're reaching full retirement age in 2025 and want to leave your job once you do. Instead of signing up for Social Security right away, consider joining the gig economy and seeing how much income you can earn doing something you love. If you can earn just enough to cover your expenses, you might get the best of both worlds -- the option to retire when you want to and to delay Social Security for a higher monthly benefit.
In 2025, the average Social Security recipient will get $1,976 a month. So, if you're in line for $4,018, you're clearly in an even stronger financial position. But that doesn't mean you shouldn't try delaying Social Security to eke out an even higher monthly paycheck for life.
