If you are at an age to receive Social Security benefits, there is a high chance you are not getting the overall maximum monthly payment of $4,555. To receive the maximum benefits, you should have worked for 35 years, earned the maximum wage subject to Social Security withholding tax every year, and delayed your retirement until 70.
According to Yahoo! Finance, the average monthly Social Security payment was $1,745.35 for January 2023. The maximum benefits for 2022 Social Security depend on how much you earn during your working years and when you begin to collect the payment. The wage base limit is the highest wage subject to that year’s withholding tax. In 2023, the earnings base is $160,200.
Also Read: Social Security Beneficiaries Should Use Online Applications To Draw Maximum Benefits
If you are at an age to receive Social Security benefits, you can visit mySocialSecurity.gov to determine your maximum allowable benefits. (Photo: Marca)
How to Receive the Maximum Benefits
Generally, a recipient must have worked and paid into the Social Security system for at least ten years. Your maximum benefits would depend on the age you start receiving the payments. For instance, if you start receiving the payment at the earliest allowable age of 62, your maximum benefit is $2,364 per month. The maximum benefit is higher if you choose to retire at a later age. According to GOBankingRates, people who turn 67 this year can receive a maximum monthly benefit of $3,627. And those who chose to receive it at age 70 can pull the maximum benefit: $4,555.
It might be tempting to choose to receive the payments at age 70. However, it would take a lot of early career planning, good-luck ability to hold off applying for benefits until 70 years old, and a long work lifespan to earn the highest wage subject to Social Security withholding.
Individuals who have yet to retire can check their account at mySocialSecurity.gov to determine the maximum benefits they would receive at their estimated retirement age.
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