Here’s what you need to know.

The amount of money a person gets from social security varies from each retiree. Many factors are accounted for and many end up getting the average amount which is $1,557 per month. However, the max amount a retiree could obtain is $3,895 per month.

One of the biggest factors for the amount of benefit one could receive is the amount of time they have worked. The Social Security Administration averages out the wages over the 35 highest-earning years of the persons career. Then that average is adjusted over the years due to inflation. To be eligible to receive the max amount of benefit you need to have at least worked and paid social security tax for at least 35 years.

The other most important factor is how much one has earned throughout their career. To earn more benefit one must be closer the maximum taxable earnings limit. For example, the 2021 limit is $142,800 per year, the closer a person is to the limit the more benefit will be earned. Increasing income slightly can drastically effect the amount of benefit one can be earning.