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To Get $3,148 per Month in Social Security Benefits, This Is The Salary You Need To Collect

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To Get $3,148 per Month in Social Security Benefits, This Is The Salary You Need To Collect

Houston, TX – A total number of 65 million Americans depend on the social security benefits. 45 Millions of them 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.

That cap is $142,800 per year for 2021, but the maximum taxable earnings limit changes slightly each year to account for inflation:

YearMaximum Taxable Earnings LimitYearMaximum Taxable Earnings Limit
2021$142,8002010$106,800
2020$137,7002009$106,800
2019$132,9002008$102,000
2018$128,4002007$97,500
2017$127,2002006$94,200
2016$118,5002005$90,000
2015$118,5002004$87,900
2014$117,0002003$87,000
2013$113,7002002$84,900
2012$110,1002001$80,400
2011$106,8002000$76,200

If your goal is to collect the maximum benefit amount each month, you’ll need to have been reaching the maximum taxable earnings limit consistently over 35 years.

The $17,166 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $17,166 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

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