The maximum monthly benefit you can get from Social Security in 2022 is $4,147 dollars, but not everyone is eligible to receive this generous payment upon retirement.
And that is the maximum monthly benefit of $4,194 dollars is available only to people who earned more than a certain amount of money for at least 35 years, according to information from The Motley Fool.
There is a ‘base salary cap’ that applies to Social Security each year. Earnings below that limit are subject to Social Security taxes, and all of these factors count in determining the amount of your benefit payments. But earnings above that ‘base salary limit’ are not taxable and are not counted.
Since benefits are based on average wages, the highest possible Social Security benefit is determined based on the wage base limit. And your own benefit is based on how your earnings compare.
In 2022, the salary base limit is $147 One thousand dollars. This limit is adjusted periodically for inflation, so it is always the equivalent of that amount that is adjusted.
So, if you don’t earn at least that amount of the salary base limit, or the inflation-adjusted equivalent, for 35 years, then you cannot get the $4 benefit,194 dollars.
The maximum benefit of $4,194 dollars is also available only to people who maximize their delayed retirement credits.
And you can maximize your wages each year by earning at least the limit of salary base and this would help you obtain the highest possible benefit.
On the other hand, if you claim Social Security before 66 years, you will not earn the maximum monthly income from Social Security. For example, if you claimed at full retirement age (FRA), which is 66 years old, the benefit monthly maximum is $3,345 Eastern dollars 2022.
Earnings throughout your career determine the standard benefit available to you at full retirement age. But your checks may be reduced in amount relative to your standard benefit if you claim Social Security payments before full retirement age, and may be increased in amount if you claim after and up to 70 years.
Taking all of the above into account, to obtain the maximum monthly benefit, you need:
–Have the highest average salary available to maximize the standard benefit you would earn at full retirement age (your earnings must equal or exceed the salary base limit during 35 years or more).
–Increase that standard benefit as much as possible by waiting until 70 years to claim your first Social Security payment.
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