The closer people get to retirement, the more they start to pay attention to things like Social Security and how much their benefits might be.
What you see for benefit payments will be individual to you and the many factors at play.
The most a person will see in 2022 is $4,194 per month.
These people made at least the Social Security tax wage cap each year for 35 years and waited until age 70 to collect.
How do you get the maximum Social Security payment?
As previously mentioned, you must make 6 figures each year for 35 years.
The wage cap in 2022 is $147,000.
This means you pay taxes into Social Security up until that point, but once you pass it you no longer pay into it.
Social Security payment schedules
The average is taken from your 35 highest earning years to determine your monthly benefit.
Next, you must retire at the age of 70.
There are three major ages for retirement: 62, 67, and 70.
How to prep for things like inflation when you retire
Retiring at 62 will cause you to lose up to 30% of your monthly benefit.
Age 67 will get you 100% of your benefit.
Waiting until age 70 will give you additional benefits, which end up being about 8% more per year from 67 to 70.
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