You should be prepared to meet income requirements as well as delay benefits as late as possible.
Social Security retirement benefits are something millions of Americans look forward to as they go through their careers. Sure, most people pay Social Security taxes for decades to fund their eventual payout, but there’s something about knowing you have somewhat of a financial safety net in retirement that’s a little comforting.
Considering how important Social Security is to many people’s retirement finances, it makes sense that you’d try to receive as much as possible. In 2025, the maximum monthly benefit anyone can receive is $5,108, a step up from 2024’s maximum $4,873 benefit.
If hitting this milestone is your goal, read on to see how much you’ll need to earn in 2025 to be eligible.
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The wage base limit is the magic number to know
Social Security calculates your monthly benefits using a formula involving your average income during the 35 years you earned the most. However, not all income is considered in the calculations.
Only income up to a certain amount, called the “wage base limit,” is considered. Earnings above the wage base limit aren’t subject to Social Security taxes each year, so they don’t count toward calculating your benefit.
In 2025, the wage base limit is $176,100. This means that someone earning $176,101, $1 million, and $10 million in 2025 will all pay the same amount of Social Security payroll taxes.
To earn the maximum $5,108 monthly benefit, you must earn at least the wage base limit in each of the 35 years used to calculate your benefit. Earning below the wage base limit in any of those 35 years would automatically disqualify you from earning the maximum possible benefit.
Past wage base limits and their importance
Below are the past 10 wage base limits. If these years will be used in your benefits calculation, you’ll need to have earned at least these amounts in each of these years:
| Year | Wage Base Limit |
|---|---|
| 2024 | $168,600 |
| 2023 | $160,200 |
| 2022 | $147,000 |
| 2021 | $142,800 |
| 2020 | $137,700 |
| 2019 | $132,900 |
| 2018 | $128,400 |
| 2017 | $127,200 |
| 2016 | $118,500 |
| 2015 | $118,500 |
Data source: Social Security Administration.
Like the Social Security cost-of-living adjustment (COLA), the wage base limit changes annually. The difference is that the annual COLA is based on CPI-W data, while the wage base limit is based on changes to the national average wage index (NAWI).
The percentage increase in the NAWI is the percentage by which the wage base limit increases. If there’s no increase or decrease in the NAWI, the wage base limit remains the same (like from 2015 to 2016).
Knowing the year’s wage base limit is important if you plan to receive the maximum benefit because an increase in the limit could put you below the threshold, even if you were over it in the previous year. Take someone who earns $175,000, for example, who was over the 2024 limit but is now under the 2025 limit.
The other half of the equation
The second, equally important part of earning the maximum monthly benefit is delaying claiming benefits until you turn 70. At 70, your monthly benefits stop increasing from further delays, so it’s generally understood as the latest you should claim benefits. Until that point, your monthly benefits increase by 2/3 of 1% for each month past your full retirement age. Here are full retirement ages by birth year:
Image source: The Motley Fool.
To be eligible for the maximum $5,108 Social Security monthly benefit, you must earn above the wage base limit for at least 35 years and delay your benefits until 70. Doing one without the other would automatically make you ineligible for the maximum benefit.
Most people won’t be eligible for the maximum payout given the income threshold. However, if you’ve been a high earner throughout your career, patience in delaying benefits is the only thing holding you back.