Want the Max $4,873 Social Security Benefit? Here's the Salary You Need.
The maximum possible Social Security benefit for retirees in 2024 is $4,873 per month. This translates to about $58,500 in annual inflation protected income.
Obviously, most retirees would love to have this much money coming in. But the reality is that very few Social Security beneficiaries get this much -- or anything close to it. As of the latest information from the Social Security Administration (SSA), which is from Nov. 2023, the average monthly benefit for a retired worker is $1,845 per month. Even if we apply the 3.2% cost-of-living adjustment that beneficiaries receive in 2024, we get an average of $1,904 per month, or $22,846 per year.
If you're hoping to max out Social Security, you'll need to earn a high income, but there's more to the story. Here's what it takes to get the maximum possible Social Security benefit, and why most people won't get it.
Source Fool.com
