Does Anyone Really Receive the Maximum Social Security Benefit?

The average monthly Social Security benefit for retired workers is just $1,827 per month this year. That’s far short of the maximum benefit of $4,555. This begs the question, does anyone really receive the maximum Social Security benefit?

The Motley Fool looked into this and found that it’s not easy to qualify for the biggest benefit level. To receive the maximum amount, you will have had to wait until age 70 to start collecting benefits and have earned at least Social Security’s maximum taxable income (the amount of your earnings that are subject to the 6.2 percent Social Security tax) for at least 35 years. That’s highly unlikely when you consider that each year, only about 6 percent of workers earn enough to hit the taxable maximum. This year that is $160,200.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits.