Want the Max $4,873 Social Security Benefit in 2024? Here's the Salary You Need
It was never meant to be the entirety of anyone's retirement income. But, for some people, Social Security's retirement benefits can be a sizable chunk of change. A handful of retirees are collecting the maximum possible monthly benefit of $4,555 in 2023, which is in line with the Bureau of Labor Statistics' estimated average income for individuals still working in the United States. That maximum amount is set to go up to $4,873 per month next year. If these people have also saved well for retirement on their own -- like contributing regularly to a 401(k) or IRA -- it's conceivable that these folks could be making more money as a retiree than they ever did as an employee.
This prospect raises an important question, though: How does someone secure the maximum monthly Social Security benefit of $4,873 for 2024?
There are three key components to maximizing your eventual Social Security retirement benefits. Chief among these three is the amount of money you make every year while you're working. You have to earn quite a bit, and you have to do so for a long, long while.
Source Fool.com
