Social Security: How to Get Max Monthly Payments Worth $4,555

Did you know there is a way for the U.S. government to pay you an annual income in retirement of nearly $55,000? To get this Social Security benefit, you must watch payments get deposited into your bank account every month.

But in order to get the maximum amount of social security checks after retirement, Yahoo! Finance reported that one has to work hard, earn a lot of money, and retire late.

According to the Social Security Administration, the mentioned scenario could only happen if you qualify for the maximum Social Security benefit for 2023, which is $4,555 a month or $54,660 annually.

Requirements to Get Maximum Social Security Payments

Getting this maximum Social Security benefit requires the right combination of career earnings and the age you start collecting.

That means those who wait until age 70 to apply for benefits can qualify as those who apply at the full retirement age of 66 can only get a maximum Social Security benefit of $3,627 a month.

In contrast, those who apply for their benefits at 62 would only get $2,572 a month. According to Motley Fool, another way to get the maximum Social Security benefit would be to earn the maximum income taxed by the Social Security Administration for 35 years.

For example, only the first $147,000 you earned was subject to Social Security taxes last year. That number has been increased to $160,200 for 2023, and any earnings above that will not be subject to Social Security taxes or be added to your eventual monthly Social Security payment.

The Motley Fool noted that not all hope is lost if you are still not near being due this maximum monthly Social Security benefit of $4,555.

It noted that there are many things you can do to improve your future financial picture but added that one thing you can do is start planning early.

Making a detailed financial plan now would be best if you are certain your Social Security income will not be enough when that time comes. This could really help, especially in times of need in the future.

Social Security Payments Schedule: When Will I Get Paid?

The Social Security Administration sends benefits in the month following the month for which they are due. For example, the January benefits are usually scheduled to be released in February.

The release of social security payments depends on your birthday as well. Those born from the 1st through the 10th of the month will get paid every second Wednesday of the month.

Those born on the 11th through the 20th would be paid on the third Wednesday of the month. Finally, those with birthdays that fall on the 21st through the 31st are to be paid on the fourth Wednesday of the month, according to the AARP.

That schedule was adopted in 1997, and those who started receiving benefits before May 1, 1997, still receive their payment on the third day of the month.

Those who live abroad and those enrolled in Medicare Savings Programs, which provide state financial help for paying Medicare premiums, also get their benefits on the third.

People who collect Social Security and Supplemental Security Income (SSI) benefits are also among those who usually get paid on the third of the month.

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: IT'S COMING? Social Security, SSI, SSDI 4th Stimulus Check Update HAPPENING?- From TrueLife Investing