Maximizing Social Security Benefits: The Lowdown on Receiving the Maximum Monthly Check

The Social Security system offers retirement benefits to eligible individuals who have worked a minimum of 35 years. The maximum Social Security check for 2023 is $4,555 per month; however, only a small percentage of retirees receive this amount. The average monthly benefit for retirees in 2023 will be $1,827 per month. To receive the maximum benefit, an individual must start collecting benefits at age 70, have worked for at least 35 years, and have earned the maximum taxable income ($160,200 in 2023) for 35 years, according to a report by The Motley Fool on January 31, 2023.

It’s important to note that only 6% of workers earn enough to hit the taxable maximum in 2023, and only 10% of retired workers receive Social Security checks above $2,600 as of 2021. This highlights the difficulty of receiving the maximum Social Security benefit. Those with lower earnings need to focus on maximizing their benefits, as they may have less opportunity to invest for retirement.

However, there are ways to boost one’s Social Security benefits. Three basic strategies include working longer, earning more money, and delaying benefits for as long as possible. Extra investments can also supplement future benefits. Many Americans are behind on their retirement savings, but there are “Social Security secrets” that can help increase retirement income. For example, one easy trick could pay as much as $21,756 more each year.