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3 Steps to Claiming the $4,194 Max Monthly Social Security Benefit

3 Steps to Claiming the $4,194 Max Monthly Social Security Benefit

The average monthly Social Security benefit for retirees was recently $1,673 -- or about $20,000 per year. Clearly, that's not nearly as much as most of us want or need in retirement -- which is why most of us need to be saving and investing for retirement throughout our working lives. First, to grab the maximum Social Security benefit, you'll need to work for at least 35 years, because the formula that determines your benefits is based on an average of your earnings (adjusted for inflation) in the 35 years in which you earned the most.