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Social Security: How to strive for the maximum benefit worth $4,194

Millions of Americans collect Social Security benefits every year, but very few collect the maximum benefit worth $4,194 in 2022.

social security card with cash representing social security benefits

Getting the payment is possible, but very hard to do.

If you plan it out early on in your working career, you may be able to reach that point.


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Work hard for many years to build up your Social Security benefits

Your benefits are tailored mathematically to replace a portion of your previous income, not all of it.

Your 35 highest working years are taken into account and an average is figured out.

This means in order to get the highest possible payment, you’ll need to work for 35 years earning over 6 figures.

If you need to get a side hustle on top of your day job, you can always do that to boost your yearly income.

The amount you need to earn is the wage cap for the year.


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In 2022 that amount is $147,000.

Once your income reaches that point, you are no longer taxed for Social Security.

It’s important to know that you need to work all 35 years making that amount to reach the maximum benefit.

If you only worked 30 years, there will be $0 averaged into your monthly benefit.

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Plan out collecting benefits at age 70, not earlier

Another requirement for collecting the max benefit aside from earning 6 figures for 35 years is to wait until you’re 70 to collect.

You can retire as early as age 62, but you risk losing as much as 30% of your benefits.

Your full retirement age, which is 66 or 67, will get you 100% of your benefits, but there’s still a chance to get more.

For each year past your FRA and before age 70 you can see up to 8% more in monthly benefits.

This means by the time you hit 70, you will see the maximum amount if you delayed your benefits and earned at least the wage cap for 35 years.

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