Approximately 65 million Americans depend on Social Security benefits, and more than 45 million of those are retirees.
The average benefit amount is just over $1,500 per month, according to the Social Security Administration, or around $18,000 per year. If you're going to be relying on your benefits to make ends meet during retirement, that money likely won't go very far.
However, you could potentially collect significantly more than that from Social Security. In fact, you could receive $3,148 per month depending on your salary.
Maximizing your monthly checks
First, it's important to understand how your benefits are calculated. The Social Security Administration takes an average of your income over the 35 highest-earning years of your career, then adjusts it for inflation. The result is your basic benefit amount, or the amount that you'll receive if you claim at your full retirement age (FRA).
For those born in 1960 or later, your FRA is age 67. If you were born before 1960, your FRA is either 66 or 66 and a certain number of months, depending on the exact year you were born. Claiming earlier than your FRA will result in benefit reductions of up to 30%, so if you want to maximize your monthly payments, it's often wise to wait.
In 2021, the maximum amount you can receive by claiming at your FRA is $3,148 per month. To collect that amount, you'll need to have been reaching the maximum taxable earnings limit — which is the maximum earnings subject to Social Security payroll tax — for at least 35 years.
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