What salary I needed if I Want the Max $4,873 Social Security Benefit?

To receive the maximum Social Security benefit of $4,873 per month in 2024, you need to meet specific criteria related to your earnings and work history. Here’s a breakdown of how you could achieve this:

1. Work History: You must have worked for at least 35 years and earned the maximum taxable amount each year. Social Security benefits are calculated based on your highest 35 years of earnings.
2. Earnings Level: To qualify for the maximum benefit, you need to have earned the maximum taxable earnings for each of those 35 years. In 2024, the maximum amount of earnings subject to Social Security tax is $178,800.
3. Consistent Earnings: You need to consistently earn at or above the taxable maximum amount for 35 years. This means you should be earning at least $178,800 annually.
4. Age of Claiming: To receive the maximum benefit, you also need to claim your benefits at your full retirement age (FRA). For those born between 1943 and 1954, the FRA is 66. For those born after 1954, the FRA gradually increases up to age 67.

To summarize, if you want to qualify for the maximum Social Security benefit of $4,873 per month, you should aim to earn at least $178,800 annually for 35 years and claim benefits at your full retirement age.

How to get Max $4,873 Social Security Benefit

To qualify for the maximum Social Security benefit of $4,873 per month (in 2024), you’ll need to meet several specific criteria related to your earnings history and claiming age. Here’s a detailed plan to help you achieve that:

1. Earn the Maximum Taxable Earnings

• Maximum Earnings: You need to have earned the maximum amount of taxable earnings each year for at least 35 years. In 2024, the maximum amount of earnings subject to Social Security tax is $178,800.
• Consistency: Ensure that your annual earnings meet or exceed this amount for 35 years. This means earning at least $178,800 per year for 35 years, which could involve high-paying jobs or multiple income sources.

2. Work for 35 Years

• Earnings Record: Social Security benefits are calculated based on your highest 35 years of earnings. If you have fewer than 35 years of earnings, years with no earnings will be factored into the calculation, which could reduce your benefit amount.
• Full Work History: To get the maximum benefit, you need a full 35-year work history with the maximum earnings.

3. Claim Benefits at Full Retirement Age (FRA)

• Full Retirement Age (FRA): For people born between 1943 and 1954, the FRA is 66. For those born after 1954, the FRA gradually increases up to age 67.
• Maximize Benefit: To receive the maximum monthly benefit amount, you need to claim Social Security at your FRA. Claiming before FRA will reduce your monthly benefit, while delaying benefits past FRA will increase your benefit amount up to age 70.

4. Consider Delaying Benefits

• Delayed Retirement Credits: If you delay claiming your benefits past your FRA, you will receive delayed retirement credits, which can increase your benefit up to age 70. For each year you delay past FRA, your benefit increases by about 8% until age 70.

5. Plan for Longevity

• Healthy Lifestyle: Maintaining a healthy lifestyle can potentially extend your working years and delay retirement, giving you more time to earn the maximum taxable income.

Summary Checklist:

1. Earn the maximum taxable income of $178,800 or more annually for 35 years.
2. Work for at least 35 years.
3. Claim benefits at your Full Retirement Age (FRA) or later for the highest possible benefit.
4. Consider delaying benefits past FRA to increase your monthly benefit.

By following these steps, you can maximize your Social Security benefit to reach the target amount of $4,873 per month.