Americans Can Receive a Maximum of $4,194 in Social Security Payments

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Americans can get a maximum of $4,194.00 in monthly Social Security payments but they must be a top earner and not claim the benefits until they turn 70. Social Security benefits are specifically designed to replace a percentage of preretirement earnings. As a result, only the country’s highest earners will get the largest possible benefit. On March 9, millions of seniors born between the 1st and 10th of the month received the next payment of cheques. Retirees will also get checks on March 16 and 23 depending on their date of birth. 

The maximum monthly SS payment is $4,194.00 but retirees must’ve worked in Social Security approved jobs for at least 35 years. Here’s what it takes to score a $4,194.00 benefit:

  • Have high earnings, meaning you’ll need pretty high earnings to snag the program’s maximum monthly benefit. Every year, a wage cap is imposed, limiting the amount of income that is liable to Social Security taxes. This year’s maximum is $147,000.00, however, it varies from year to year. The Social Security Administration has indicated that only around 6% of workers earn above this amount each year.
  • Delay your Social Security filing. You’re entitled to your full monthly Social Security benefit based on your earnings history once you reach full retirement age or FRA. For each month that claimants delay their benefits beyond full retirement age, their Social Security retirement payments are boosted by a set amount. FRA kicks in at 66, 67, or somewhere in between, depending on when you were born. For each year you delay your benefits beyond FRA, they grow by 8%, up until age 70. And if you want the maximum monthly $4,194.00 benefit, you’ll need to postpone your Social Security filing until your 70th birthday. The additional benefits are known as delayed retirement credits. DRCs can be earned between a person’s FTA and age 70 if they’re not claiming Social Security. They are credits the Social Security Administration uses to increase the amount of a retiree’s benefit amount. DRCs are worth 8% a year, or two-thirds of 1%, a month.

Social Security’s formula based on average wages is used to calculate your standard benefit, or primary insurance amount (PIA). But your PIA is available only if you get your first Social Security to check exactly at your designated full retirement age (FRA). FRA is between 66 and four months and 67 and is based on the year you were born.

Christopher Charles spent 6 years in the mortgage industry before moving into the world of digital media. He's helped thousands of families buy and refinance real estate at banks and mortgage companies and now continues that mission through industry-leading content. Chris is known for his expertise in the mortgage & real estate industry and continues to produce content all over the web.

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