Want the Max $5,251 Social Security Benefit? Here's the Salary You Need.
Key Points
Your calculated benefits are a function of when you claim them, how many years you earned taxable wages, and how much money you earned while working.
Of the three factors, the income-based one is the toughest one for most people to "max out."
Even if you're not reaching Social Security's maximum taxable ceiling in any given year, earning more income can only help.
- The $23,760 Social Security bonus most retirees completely overlook ›
Although this year's average monthly Social Security retirement benefits payment is $2,071, a handful of retirees are faring far better. They're collecting the maximum monthly payment of $5,181.
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What did these people do differently than everyone else? A small handful of things, like waiting until they turned 70 to file for benefits, or earning taxable wages for a minimum of 35 years. Perhaps the most important thing these retirees did, however, is earning at least enough money every year they worked to reach or exceed Social Security's maximum-taxable income ceiling. This year the program only taxes income of up to $184,500, since any further taxation beyond that amount wouldn't add any additional future benefits. The table below lists this maximum-taxable threshold for every year going all the way back to 1987.
| Year | No Additional SS Taxation Above... | Year | No Additional SS Taxation Above... |
|---|---|---|---|
| 1987 | $43,800 | 2007 | $97,500 |
| 1988 | $45,000 | 2008 | $102,000 |
| 1989 | $48,000 | 2009 | $106,800 |
| 1990 | $51,300 | 2010 | $106,800 |
| 1991 | $53,400 | 2011 | $106,800 |
| 1992 | $55,500 | 2012 | $110,100 |
| 1993 | $57,600 | 2013 | $113,700 |
| 1994 | $60,600 | 2014 | $117,000 |
| 1995 | $61,200 | 2015 | $118,500 |
| 1996 | $62,700 | 2016 | $118,500 |
| 1997 | $65,400 | 2017 | $127,200 |
| 1998 | $68,400 | 2018 | $128,400 |
| 1999 | $72,600 | 2019 | $132,900 |
| 2000 | $76,200 | 2020 | $137,700 |
| 2001 | $80,400 | 2021 | $142,800 |
| 2002 | $84,900 | 2022 | $147,000 |
| 2003 | $87,000 | 2023 | $160,200 |
| 2004 | $87,000 | 2024 | $168,600 |
| 2005 | $90,000 | 2025 | $176,100 |
| 2006 | $94,200 | 2026 | $184,500 |
Source: Social Security Administration.
To be clear, recipients of the maximum Social Security benefits would have met or surpassed the above thresholds for a minimum of at least 35 of these years, although these ceilings do not need to be reached in 35 consecutive years. The program bases your payment on the 35 years you met or got nearest each of these indicated amounts.
The $23,760 Social Security bonus most retirees completely overlook
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