How to Get the Maximum Social Security Benefit
The maximum Social Security retirement benefit you can collect in 2020 is $3,790 per month, but very few people will receive that big of a payday. Why? Because Social Security benefits are based on each person's work history, including how many years they worked, how much they earned per year, and when they decided to begin receiving their benefits. Qualifying for Social Security's maximum benefit requires decades of high-income employment, plus the patience to put off claiming benefits as long as possible. While most people won't receive the maximum benefit in retirement because of these hurdles, there are still ways to increase the size of your Social Security check substantially.
Understanding how to maximize your Social Security requires an understanding of how Social Security works, including how your benefits are determined. The formula for calculating benefits is complicated, but I'll lay out a simple example after I explain the details.
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Source Fool.com
