Here's the Max Social Security Benefit at Age 70 -- and How to Get It

Everybody wants to max out their retirement income, including their Social Security benefits. But, what's the highest possible Social Security payment for... say, a 70-year-old? And for that matter, how does someone get that much? Here's what you need to know.

Maxing out your Social Security benefits

There are three components that determine the size of every retiree's Social Security check.

1. Taxable income earned while working

Your future benefits are largely determined by the amount of money earned in your working years -- the more you make, the more you get back in retirement.

But there are limits. In the same way that the Social Security Administration caps the amount of benefits any retiree can receive, the program also caps the amount of income it taxes to fund the program. This year, only up to $184,500 worth of taxable earnings is taxed. Although you're subject to ordinary income taxes on any and all earnings, you won't owe any additional Social Security tax above that figure.

This number, of course, rises in step (more or less) with inflation. The ceiling was only $94,200 as of 2006, for perspective, and only $42,000 back in 1986. To collect the biggest possible Social Security benefits payment, you'll need taxable income of at least each year's cap.

2. Minimum number of years worked

While you can't claim Social Security retirement benefits until you're 62 years old, you're not required to work full-time every year up until then. Although there are minimum work requirements to be eligible for benefits, most people can meet these by working a part-time job for only a few years.

If you want the biggest possible Social Security checks, however, you'll want to work as many years as you possibly can. See, when calculating your retirement benefits, the Social Security Administration looks at your highest-earning 35 years, giving you incremental credit for each one.

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That doesn't mean you must work 35 full years to claim benefits, to be clear, nor will working more than 35 years help (unless you're earning considerably more money in the years after your first 35 are completed). If you work fewer than 35 years, it simply results in a commensurately lower payment.

3. Your age when you claim

Finally, the age at which you file for Social Security retirement benefits also impacts the amount of your monthly check.

The most anyone claiming at the earliest possible age of 62 can get this year is $2,969, even if he or she has earned at least as much as Social Security's taxable income ceiling for a minimum of 35 years. This relatively modest amount reflects the fact that these retirees will, on average, receive benefits for longer than those who claim benefits at a later age.

At the other end of the spectrum, anyone who waits until they're 70 years old to file for benefits will get the most anyone could ever possibly be eligible to receive. Assuming they earned at least as much as each year's taxable income ceiling for at least 35 years, these people will receive the maximum possible monthly Social Security payments of $5,181.

Most retirees don't get anywhere close to this number, by the way. The Social Security Administration reports this year's average overall monthly benefits payment is only $2,071.

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