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Social Security: What salary do you need for the max $4,194 benefit?

Social Security is claimed by millions of retired Americans, but what each person gets is different. Very few Americans collect the maximum.

social security card with cash representing benefits

According to The Motley Fool, only 6% of Americans will see the maximum benefit worth $4,194 in the year 2022.

This means most people aren’t going to see the max benefit in their life, but they can still try to reach that goal.

Every year the benefits are adjusted for inflation, so what may be the max this year won’t be next year.

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Here’s how to get the maximum amount in your Social Security checks

In order to claim the maximum amount, you must make the full amount that is taxed by Social Security each year.

This means in 2022, if you don’t make at least $147,000, you won’t qualify.

Your benefits are based on your 35 highest years of earning.


Social Security: Ways to get $100s more in benefits

This means in order to get the max, you need to make $147,000 or its adjusted equivalent for inflation for 35 years.

In 2015 that amount was $118,000 and it rose each year until 2022 when it was adjusted to $147,000.

If you are one of the 6% that earned enough for 35 years, you still must do more to see the maximum.

Not just your earnings matter, but when you choose to retire does as well.

You can retire as early as 62, and lose up to 30% of your benefits, or retire at your full retirement age and see 100% of your benefits.


How to tell which benefits you can receive

To see even more, and to collect the maximum, you must wait to retire until 70.

This makes it so you grow your benefits from ages 66 or 67 until 70.

Whether waiting and working to collect the maximum benefit is right for you depends on yourself, your own circumstances, and other financial resources.

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