Although this year's average monthly Social Security retirement benefits payment is $2,071, a handful of retirees are faring far better. They're collecting the maximum monthly payment of $5,181.
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What did these people do differently than everyone else? A small handful of things, like waiting until they turned 70 to file for benefits, or earning taxable wages for a minimum of 35 years. Perhaps the most important thing these retirees did, however, is earning at least enough money every year they worked to reach or exceed Social Security's maximum-taxable income ceiling. This year the program only taxes income of up to $184,500, since any further taxation beyond that amount wouldn't add any additional future benefits. The table below lists this maximum-taxable threshold for every year going all the way back to 1987.
| Year | No Additional SS Taxation Above... | Year | No Additional SS Taxation Above... |
|---|---|---|---|
| 1987 | $43,800 | 2007 | $97,500 |
| 1988 | $45,000 | 2008 | $102,000 |
| 1989 | $48,000 | 2009 | $106,800 |
| 1990 | $51,300 | 2010 | $106,800 |
| 1991 | $53,400 | 2011 | $106,800 |
| 1992 | $55,500 | 2012 | $110,100 |
| 1993 | $57,600 | 2013 | $113,700 |
| 1994 | $60,600 | 2014 | $117,000 |
| 1995 | $61,200 | 2015 | $118,500 |
| 1996 | $62,700 | 2016 | $118,500 |
| 1997 | $65,400 | 2017 | $127,200 |
| 1998 | $68,400 | 2018 | $128,400 |
| 1999 | $72,600 | 2019 | $132,900 |
| 2000 | $76,200 | 2020 | $137,700 |
| 2001 | $80,400 | 2021 | $142,800 |
| 2002 | $84,900 | 2022 | $147,000 |
| 2003 | $87,000 | 2023 | $160,200 |
| 2004 | $87,000 | 2024 | $168,600 |
| 2005 | $90,000 | 2025 | $176,100 |
| 2006 | $94,200 | 2026 | $184,500 |
Source: Social Security Administration.
To be clear, recipients of the maximum Social Security benefits would have met or surpassed the above thresholds for a minimum of at least 35 of these years, although these ceilings do not need to be reached in 35 consecutive years. The program bases your payment on the 35 years you met or got nearest each of these indicated amounts.
