How Will Your Social Security Stack Up to the $3,895 Max?
The maximum amount that an individual could possibly collect from Social Security this year is $46,740. That would probably be enough to cover some people's annual retirement expenses in their entirety. But very few retirees will be lucky enough to receive the maximum $3,895 monthly Social Security benefit. Doing so requires both strategic planning and a high-salary career during most of your working years.
Below, we'll look at precisely what it takes to earn the maximum Social Security benefit, and what you can do during your working years to boost the size of your monthly checks.
Your Social Security benefit calculation consists of two parts. The first calculates your standard benefit based on your average indexed monthly earnings, or AIME. The second part involves calculating your monthly benefit based on the age you are when you sign up for benefits.
Source Fool.com
