WAs you near retirement and start thinking about Social Security benefits, it’s hard to predict exactly how much you’ll earn per week through this program. That’s because the amount of your Social Security benefits depends on a variety of factors.
Now, in 2022, The maximum amount of Social Security benefits that can be earned per month is $4,194 per month.
In this guide, we’ll outline who can claim the top tier benefit and how to make sure you get the most amount possible.
How do you get the maximum Social Security payments?
To be eligible for maximum Social Security payments, you must continue to reach the maximum taxable earnings over the course of your career.
That’s because your Social Security benefits are calculated by taking your average salary over 35 years from the highest earnings of your career, adjusting for inflation.
In other words, to get as much as possible, you should hit your maximum taxable profit at least 35 times.
Another thing to consider is the fact that the amount of your Social Security benefits will change depending on the age you begin to claim, as you can claim at age 62, 67 or 70.
By claiming from age 62 onwards, this reduces your check to 30 percent less than what you would get if you claimed Social Security at age 67.
By waiting until age 70, you can earn more, although this is less common. Those who do not claim Social Security benefits until they reach the age of 70 can enjoy an eight percent annual increase in benefits.
Given that these “wage increases” continue for the rest of your life, it’s hard to take. But to answer the question of how to make the most of your Social Security benefits, the equation is that you earn at the top level for at least 35 years and wait until you turn 70 before claiming.
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