Maximum Salary for Maximum Possible Social Security Benefit at 62, 66, 67, and 70

 

 

 

If you earn above that limit for 35 years in your career, you'll earn the maximum possible Social Security benefit. For your reference, here are the last 50 years of the earnings cap.

 

YearEarningsYearEarnings

1973	$10,800	1999	$72,600
1974	$13,200	2000	$76,200
1975	$14,100	2001	$80,400
1976	$15,300	2002	$84,900
1977	$16,500	2003	$87,000
1978	$17,700	2004	$87,900
1979	$22,900	2005	$90,000
1980	$25,900	2006	$94,200
1981	$29,700	2007	$97,500
1982	$32,400	2008	$102,000
1983	$35,700	2009	$106,800
1984	$37,800	2010	$106,800
1985	$39,600	2011	$106,800
1986	$42,000	2012	$110,100
1987	$43,800	2013	$113,700
1988	$45,000	2014	$117,000
1989	$48,000	2015	$118,500
1990	$51,300	2016	$118,500
1991	$53,400	2017	$127,200
1992	$55,500	2018	$128,400
1993	$57,600	2019	$132,900
1994	$60,600	2020	$137,700
1995	$61,200	2021	$142,800
1996	$62,700	2022	$147,000
1997	$65,400	2023	$160,200
1998	$68,400	2024	$168,600

Data source: Social Security Administration.

Consistently earning a salary that high is quite an achievement and will set you up well for retirement.

 

Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70

If you earn enough to qualify for the maximum possible Social Security benefit, it still matters when you claim. Claiming at 62 will result in a much lower monthly benefits check than claiming at age 70. On the other hand, you'll receive eight more years of benefit checks if you claim as soon as possible. Many retirees opt to split the difference, waiting until around their full retirement age to claim benefits.

Here's what the maximum benefit looks like at each of these key ages in 2024.

 

 

Retirement Age                                                                 62                    66                           67                       70

Maximum monthly benefit

$2,710

$3,652

$3,911

$4,873

Data source: Social Security Administration.

 

 

As you can see, the maximum benefit varies widely depending on the age at which you claim it. A 70-year-old claiming maximum benefits in 2024 will receive $58,476 in annual income. That's enough to replace the average income in the U.S. A 62-year-old claiming the maximum benefit will only take home about $32,520, which they'll likely need to supplement with other retirement savings.

Is it worth delaying benefits in 2024?

Someone who earned enough to maximize Social Security is likely in a good position to delay benefits if they want.

It might be tempting, however, to claim your benefits as soon as possible and leave more of your retirement savings invested in the stock market. The idea is that you might be able to outperform the returns provided by Social Security.

But consider that delaying Social Security from age 62 through age 70 provides a guaranteed 7.4% real compound annual growth rate on your monthly benefits check. The S&P 500, meanwhile, averages just a 6.5% real compound annual growth rate, and it comes with much more risk.

There are certainly risks involved with delaying benefits until age 70, but they err on the side of being too conservative (like passing away before you break even, versus claiming early). For someone with lots of wealth to conserve, that's not a bad way to err.

The data backs up that notion. An analysis conducted by United Income in 2019 found that 57% of retirees would maximize their wealth in retirement by waiting to claim until age 70. Just 6.5% of retirees ended up with more wealth by claiming before age 64 So, if you can afford to delay your benefits, it pays to do so, even if you're not (yet) in line to get the maximum benefit from Social Security.

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