The maximum Social Security Administration -SSA- cheque per month is worth 4,555 dollars and some retirees will start to collect it in 2023. It is true that is it a real challenge to get as much as that for your SSA retirement benefit.
This retirement income is much more than the average Social Security cheque for retirement. According to AARP, the average amount of SSA retirement benefits is about 1,827 dollars per month.
Therefore, there is a big gap between those seniors earning the average benefit cheque, and those getting the maximum amount possible. However, just a very low percentage of retirement beneficiaries receive that amount.
What is the main requirement to get the highest SSA cheque in retirement?
To get the highest SSA cheque you must have earned the wage base limit set every year. That amount is $160,200 in 2023 and there is an equivalent for every working year necessary, it will vary depending on inflation though.
SSA will pay close attention to your earnings for 35 years. If you worked for more than 35 years, they will take into account those with the highest earnings. Working fewer years than 35 will make your cheque lower.
When you claim your SSA cheque is also essential. The younger you claim your benefit, the lower your retirement income will be. Keep working until you are 70 years old, otherwise, you will not get $4,555.
What if you opt for early retirement?
Early retirement is possible at the age of 62 if you want to. Nevertheless, your cheque is reduced if you do not reach Full Retirement Age -FRA. In order to avoid this reduction, keep working until you are least at FRA.
Those who decide to continue working until they are 70 will start increasing their cheque by 8 percent per year. So, you will end up getting 24% more for your retirement cheque when you are 70.
To sum up, keep working until you are 70, earn the wage base limit for 35 years, and then you will be able to enjoy this exclusive SSA cheque. Not meeting all these Social Security Administration requirements will mean you are not eligible for the maximum cheque available for seniors in the USA in 2023.