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About the “Maximum Social Security Benefit”
Of course, everyone would like to get the maximum possible Social Security benefit, and each year the Social Security Administration defines what that maximum amount can be. But honestly, the eligibility bar is very high to achieve that maximum benefit, because you would need to earn more than the annual payroll tax cap for at least 35 years over your lifetime to snag that highest possible number – something most of us haven’t done and certainly not something that can be done retroactively. If you’re now approaching retirement age you’re essentially stuck with your existing lifetime earnings record, from which your “primary insurance amount” or “PIA” will be calculated. Your PIA is the amount you’re entitled to at you full retirement age, and the best way for you to maximize your monthly benefit now is to wait as long as practical, up to age 70, to claim your Social Security benefit. Obviously, not everyone can (or should) do that, but the absolute maximum possible Social Security benefit is a challenging objective, and this AS.com article by Corina Gonzalez explains what the number is and how to achieve it. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…