Not many Americans find themselves eligible for the maximum Social Security benefit, which is worth $4,194 in 2022.
That equates to $50,328 per year.
The amount is ideal sounding to most, but the chance that many people get a payment this high is slim.
Three criteria you must meet to get the maximum Social Security payment
One criteria you need to meet is working for at least 35 years where you paid taxes to Social Security.
The administration will average together your 35 highest earned years adjusted for inflation and determine your payment.
The next thing you’d need to do to get the max amount is earn the maximum amount you’re required to pay Social Security taxes on.
In 2022 that amount is $147,000.
Each year it is adjusted for inflation.
Finally, you can’t claim your benefits until you’re 70 years old to get the maximum amount.
Doing this will increase your benefit amount by around 8% each year between your full retirement age and age 70.