What do I need to do to get the maximum Social Security benefit?

There’s a good chance Social Security will become an important source of income for you once you retire. And this holds true even if you’re coming into retirement with a decent chunk of savings. For this reason, you may be invested in scoring the largest monthly benefit you can get your hands on.

In this Reddit post, we have someone who’s wondering if they’re on track to get the maximum benefit Social Security will pay, which, this year, is $5,108 per month.

The poster says they’ve contributed to Social Security for 35 years and have earned the maximum taxable wage for 28 of those years. They expect to work another two years earning the equivalent of the wage cap.

The poster is in a great place as far as Social Security goes. But they’re not quite where they need to be to score the program’s maximum benefit – at least not yet.

How to get the maximum Social Security benefit each month

There are three things workers need to have to score Social Security’s highest monthly payout:

• A 35-year work history
• 35 years of income at or above the wage cap
• A claim at age 70

Two of these factors are things workers can control more easily than the third.

You can push yourself to work for 35 years and wait on Social Security until age 70. But you can’t necessarily control your wages, which is why snagging the program’s maximum monthly benefit is not an easy thing.

Getting back to the poster, they’re certainly on track to get a nice monthly payout from Social Security. And they have an opportunity to score the program’s highest monthly payment. They’re just not there yet based on their current plan.

As the poster mentioned, they paid the maximum contribution for 28 years, which means their salary during that time met or exceeded Social Security’s wage cap. (The wage cap represents the maximum income Social Security will tax in a given year.)

The poster thinks they’ll pay taxes on a salary that’s equal to or above the wage cap for two more years. But that only gives them 30 years of maximum earnings for Social Security purposes. To get the program’s maximum benefit, they would need 35 years of maximum earnings.

Now it happens to be that the poster is only 58. So if they want to work until 65 and are able to keep earning at their current level, they could end up with Social Security’s largest monthly benefit if they wait until age 70 to file. Otherwise, they may have to settle for a smaller benefit.

But that doesn’t mean they’re looking at a small benefit. It may just not be the maximum.

Understand how to get more Social Security

If your goal is to get the largest paycheck Social Security will give you — even if it’s not the program’s maximum benefit — there are a few things you should do. In addition to aiming for a 35-year work history and delaying your claim until age 70, fight for higher pay. That could mean growing skills so you’re able to land promotions or working a side hustle for extra income.

It’s also important to check your earnings record on the Social Security Administration’s website to make sure the data there is accurate. Underreported income could result in smaller monthly benefits once you’re ready to sign up. Keeping tabs on your earnings is a great way to set yourself up with more retirement income for life.

The post What do I need to do to get the maximum Social Security benefit? appeared first on 24/7 Wall St..