In 2025, the highest possible Social Security retirement benefit is a record-breaking $5,108 per month.
This marks the first time in history that retirees can receive more than $5,000 monthly. However, only a small percentage of beneficiaries will qualify for this amount.
The Social Security Administration (SSA) calculates benefits based on several factors, and each year, a maximum monthly payout is set. As of now, the average monthly benefit for retired workers is $1,976.
Your Work History Matters
The SSA determines benefits by averaging your 35 highest-earning years. To qualify for the maximum payout, your income must meet or exceed the program’s annual wage cap for all those years.
Additionally, the age at which you claim benefits significantly impacts your monthly amount.
Most people won’t reach the maximum benefit, but there are ways to increase your payout.
Earning a higher salary, maintaining a full 35-year work history, and delaying benefits as long as possible can boost your monthly check.
A financial advisor can help you determine how much Social Security you’ll receive and suggest strategies to supplement your retirement income through investments.
If you’re looking for professional guidance, FinancialAdvisor.net can connect you with vetted experts for free. Simply enter your zip code and basic details, and you’ll be matched with two or three fiduciary advisors tailored to your needs.
More Ways to Build Your Retirement Savings
Relying solely on Social Security may not be enough. Whether you dream of traveling, pursuing hobbies, or leaving an inheritance, sound financial planning is essential.
Diversified Retirement Accounts
A common rule in retirement planning is diversification—don’t put all your savings in one asset class. If all your funds are invested in stocks, a market downturn could cause significant losses.
Consider hedging against market volatility with gold investments. Gold is a long-standing safe-haven asset and an effective inflation hedge.
A recent World Gold Council survey found that 85% of North American professional investors have invested in gold-related assets.
In 2024, gold prices surged by approximately 26%, outperforming the S&P 500’s 23.31% gain. Opening a gold IRA allows you to invest in physical precious metals rather than traditional stocks and bonds.
Some companies offer free rollovers for existing IRAs and even provide bonus metals with qualifying purchases.
If you’re considering a gold IRA, check out Moneywise’s top-rated providers to compare options and request a free guide on portfolio diversification.
Smart Saving Strategies
Having liquid savings is crucial, especially in retirement.
Apps like Acorns help you save effortlessly by rounding up everyday purchases. For example, if you buy a coffee for $4.25, Acorns rounds it up to $5, investing the 75-cent difference into a diversified portfolio.
Acorns also offers IRA accounts through Acorns Later, with plans like Acorns Gold (3% match on new contributions) and Acorns Silver (1% match). Sign up today and get a $20 bonus investment.
To protect your savings from stock market downturns, consider low-risk investments like certificates of deposit (CDs).
CDs generally offer higher interest rates than savings accounts, though your funds remain locked during the investment period. Interest rates vary, so it’s wise to compare CD rates from different financial institutions before committing.
With the right strategies, you can boost your Social Security benefits and build a more secure financial future.
Disclaimer- Our team has thoroughly fact-checked this article to ensure its accuracy and maintain its credibility. We are committed to providing honest and reliable content for our readers.