Eligible Americans can receive up to $5,108 monthly

Social Security benefits can reach as high as $5,108 a month for eligible Americans. Many people count on these payments as a crucial source of income after retirement. In January 2025, the average benefit for retirees was $1,979 monthly, but those who qualify for the maximum could receive over $61,000 a year. To receive the highest benefits, individuals need to earn a six-figure salary. This year, the maximum taxable income is $176,100. However, less than 10% of Americans make this much. While reaching this goal may be tough, increasing earnings can help boost Social Security benefits. Taxable income can be increased through overtime work, finding a better-paying job, or other income sources. Income beyond the taxable limit does not count toward Social Security benefits. But this extra income can still be useful if invested in retirement accounts. Working for at least 35 years before retirement is also important. Benefits are calculated based on the 35 highest-earning years. If someone has fewer than 35 years of earnings, it can lower their benefits significantly. Additionally, when to claim Social Security affects the amount received. Full retirement age (FRA) is usually 67, but claiming earlier, at age 62, can reduce monthly payments by up to 30%. Waiting to claim until 70 can increase benefits by up to 32%. The decision on when to claim should consider personal financial needs and expected life expectancy. Overall, individuals should aim to maximize their Social Security benefits to improve their retirement savings.