Requirements to earn the maximum benefit of $4,555 from Social Security in 2024

The Social Security Administration (SSA) issues tens of millions of payments to all beneficiaries of the various programs they oversee, the vast majority of which are retirees.

Every check is increased in value each year by the cost of living adjustment (COLA), which was 3.2% for 2024. This helps payments maintain their purchasing power with inflation, which has been particularly high the last 18 months.

Once the COLA was applied, the average retiree payment increased to about $1,830 a month. Furthermore, the COLA means the maximum payment exceeds $4,000.

What to consider when applying for Social Security

If you’re thinking of retiring soon, here are the three key factors to consider if you think you may be close to the maximum payment of $4,555 a month.

To calculate your retirement money, the SSA will examine at least 35 years of work. You must earn or exceed the salary cap in each of those 35 years. In addition, you must pay Social Security payroll taxes on the maximum taxable income in those 35 years of highest earnings. The amount changes every year. In 2023, the number stands at $160,200.

This is how the figures have increased steadily in recent years:

To receive the maximum benefit, you need to apply for retirement benefits when you reach 70 years of age. This isn’t always the best idea for everyone as it means at least three more years of work after full retirement age.

Requirements to earn the maximum benefit of $4,555

With all these aspects to consider, there are two necessities to claim the $4,555 monthly check:

In reality, very few Americans will claim this amount. People earning salaries in the six-figures for the majority of their life will have money saved by various methods for retirement without the need to access social security.