For many seniors, Social Security checks often cash out around $2,364 each month, but some U.S. citizens are eligible to receive the maximum $4,194 monthly check if they take the proper steps.
In order to get the additional $1,830 per month, one must work 35 years while earning an inflation-adjusted $147,000 annually and hold off until the age of 70 to retire, according to the Social Security Administration.
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If one complies with those requirements, they could net more than $20,000 a year on top of the typical Social Security payment. However, the vast majority of seniors will not hit all those requirements.
Even if one cannot reach all three requirements, hitting just one of the requirements can boost their Social Security income when they retire. For example, waiting to retire until age 65 instead of at age 62 will put an extra $629 in one’s pocket.
The Social Security Administration provides a table of maximum benefits in various scenarios.
The Social Security Administration determines benefits based on the amount one contributes to the program over the 35 highest-earning years of one’s career and is adjusted for inflation. The higher one earns during that time, the larger the checks received during retirement.
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The payroll tax to fund Social Security has a cap of about $147,000 a year, so earnings over the ceiling will not boost the check. That figure is subject to change over time to account for inflation.
