Social Security: Here’s How Much You Need To Make To Earn the Maximum Benefit in 2024

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If you want to earn the maximum Social Security retirement benefit, be prepared to work many years at a high salary and put off collecting benefits as long as possible. Even if you do get the maximum benefit, your monthly Social Security check will represent a major decline from your paycheck while working.
In 2024, the maximum benefit is $4,873 a month, according to the Social Security Administration. That’s up from $4,555 in 2023 and $4,194 in 2022. The maximum benefit usually rises every year to account for inflation.
To qualify for the maximum benefit, you must have equaled or exceeded Social Security’s maximum taxable income for at least 35 years of your working life. The maximum taxable income is the amount of wages on which you pay Social Security taxes, which are deducted from your earnings.
In 2023, the maximum taxable income is $168,600 a year, up from $160,200 in 2023. Any earnings above that are not subject to Social Security taxes. The figure is adjusted every year based on shifts in national wage levels.
Here’s a look at how the maximum taxable income has changed this decade alone:
- 2020: $137,700
- 2021: $142,800
- 2022: $147,000
- 2023: $160,200
- 2024: $168,600
If you want to max out your Social Security check in retirement, the first thing you need to do is commit to working full-time for at least 35 full years. Working more than 35 years won’t necessarily help, but working less than 35 years means you probably won’t earn the maximum.
Beyond that, you need to earn a much higher-than-average salary to qualify for the maximum benefit. Median weekly earnings during the 2023 third quarter were $1,118 a week or $58,136 a year, according to the U.S. Bureau of Labor Statistics. You would need to nearly triple that salary to reach Social Security’s 2024 maximum taxable income of $168,600 a year.
You also must wait until age 70 to claim retirement benefits to earn the maximum payout — which means you plan to hold out longer than most people. As of 2021, the average age that people started collecting benefits was 65.1 years.
Why Wait Until Age 70?
Waiting until 70 can make a big difference in your monthly check. Here’s a look at the maximum monthly benefit for different claiming ages in 2024:
- 62: $2,710
- 65: $3,426
- 66: $3,652
- 67: $3,911
- 70: $4,873
One thing to keep in mind is that the maximum Social Security benefit is not the same as the maximum family benefit. The maximum family benefit is the most a family can collectively receive from Social Security on a single family member’s earnings record — including retirement, spousal, children’s, disability or survivor benefits.