High earners in the United States should aim high. This will pay off since the Social Security Administration could send monthly payments of more than $4,000.
If you are an average earner, there are ways to increase your retirement benefits before you file for Social Security. Follow the advice below and you will be able to get up to 24% extra per month.
| Important links |
|---|
| Food Stamps |
| PAYMENTS |
| stimulus checks |
| SSDI |
What is Social Security’s maximum benefit for high earners?
If you are a high earner and managed to get the taxable maximum for 35 years, great news. Remember that you must have paid taxes to the Administration and you must have had jobs covered by SSA.
Those workers who are in that situation need to file at a specific age to get up to $4,873. Therefore, if you file at 70, you can opt for the largest benefit payment from Social Security in 2024.
If you have worked fewer than 35 years in jobs covered by SSA, the amount of your payment gets a reduction. So, work for at least 35 years and become a high earner to get $4,873.
What is Social Security’s average benefit for average earners?
The average Social Security retirement benefit is worth about $1,915 as of April 2024. Actually, it has increased since the average amount was $1,848 before the 2024 COLA and $1,907 after COLA.
SSDI recipients get $1,537 on average from Social Security. Some high earners could get up to $3,822 from the Disability Insurance payments. This is exactly the same amount of money retirees could get if they file at Full Retirement Age and earn the taxable maximum for 35 years.
Low earners who get lower than average payments could also apply for Supplemental Security Income and the Supplemental Nutrition Assistance Program (SNAP) at the same time. As you can see, getting higher wages affects your Social Security benefit amount. Promote or look for a new job to be well-paid.