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Can You Get the Maximum Possible Social Security Benefit? - WFMZ-TV 69 News
The maximum possible Social Security benefit in 2022 is $4,194, but there really aren’t many beneficiaries who will be able to reach that goal. That’s because to do so would mean you would have to have had earnings equal to or greater than the annual payroll tax cap for at least 35 years over your lifetime, and you would need to wait until you are age 70 to claim your benefits. Although more and more people are waiting longer to claim their Social Security, not many people have earned more than the annual payroll tax cap for their entire lifetime, or for at least 35 years (your highest earning 35 years is used to compute your SS benefit). Realistically, you probably aren’t going to get the absolute maximum benefit possible, but there are ways to maximize the benefit available to you personally based on your actual lifetime earnings record. Reality is that the average monthly Social Security benefit is $1,657 - a far cry from the maximum possible. But this WFMZ-TV 69 News article by Katie Brockman explains why the absolute maximum possible benefit isn’t something to be concerned about - it’s maximizing your personal benefit from your own lifetime work record that you should focus on. Click here to read more.
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