Want Over $5,000 a Month in Social Security? Here's How to Get It.

You may have heard that it’s not a good idea to retire on Social Security alone. And there’s a lot of truth in that argument.

The average retirement benefit among Social Security recipients today is only about $2,079. On an annual basis, that’s roughly $25,000 to live on, which isn’t a whole lot.

But some Social Security recipients get a lot more money than that. The largest possible monthly benefit this year is $5,181. And if you’re wondering how to snag a monthly check that high, here’s what you need to know.

It’s a matter of strategic claiming and lifetime earnings

There are two main factors that go into your monthly Social Security benefits:

• Your earnings history.
• Your filing age.

Social Security calculates your monthly benefits based on your 35 highest-paid years in the labor force. From there, your filing age dictates how much money you get.

If you claim Social Security at your full retirement age, which is 67 for anyone born in 1960 or later, you’ll get your monthly benefits without a reduction. If you file early, which you can do starting at 62, those checks will be reduced. And if you delay your claim past full retirement age, your benefits get an 8% boost for every year you wait, until you turn 70.

Now, for many people, putting in 35 years in the workforce is doable. So is waiting until 70 to file.

But if you want a Social Security benefit of $5,000 or more, your earnings need to be very high throughout your career. Specifically, they need to be close to the program’s annual wage cap, which is $184,500 this year.

That, frankly, is the one step that might trip you up if you’re hoping to get somewhere in the ballpark of $5,000 a month from Social Security. Even if you end up getting paid a lot of money during the peak of your career, sustaining wages that high for 35 years is easier said than done.

How to boost your Social Security benefits — even if they’re smaller

A monthly Social Security payment of over $5,000 may not be in the cards for you. But that doesn’t mean you shouldn’t try to get as much money out of the program as possible.

In addition to working for 35 years and delaying your claim, you can also try building skills to boost your salary. That could lead to larger retirement benefits.

And remember, side hustle income counts, too. As long as you’re paying taxes on that money, it can be used to boost your future Social Security benefits.

So don’t sweat it if a monthly benefit in the vicinity of $5,000 from Social Security isn’t possible. If your wages aren’t high enough to render you eligible for that amount, you may not even need that much money from Social Security to retire comfortably — especially if you manage to build up some savings to supplement those monthly checks.