(NewsNation) — Social Security could put $3,000 per month in your bank account once you’ve reached retirement age. But how?

The simple answer: Waiting as long as possible to claim your retirement benefits. According to The Motley Fool, you need to make less than $68,500 per year to receive $3,000 per month at 70 years old.

How is Social Security income determined?

To determine your benefit amount, Social Security uses what’s called the “primary insurance amount,” according to The Motley Fool. The agency takes your top 35 earning years and calculates an average — that is adjusted for inflation — of your monthly earnings. Then, that average is put into a formula based on the year you were born.

For example, if you turned 62 in 2022, you would need to have an average of $9,046 per month — or right around $108,500 per year — to get a primary insurance amount of $3,000.

The primary insurance amount will decide how much you receive in benefits if you claim them at your full retirement age. This would be 67 years old for anyone born in or after 1960. But you might have to wait a bit longer if you didn’t earn enough over your career to hit that $3,000 amount.

Key to higher Social Security income: Waiting to retire

The key to getting the highest Social Security payments is waiting until full retirement age to retire. The Motley Fool suggests waiting until you are 70 years old.

You can start claiming benefits at 62 years old; however, this might not be the best option. If you claim your benefits early, you will have to take a reduction of up to 30% in each of your checks. This means if you were eligible to receive $3,000 per month at full retirement age, you could only end up receiving $2,100.

If you were to see $3,000 per month by waiting until you are 70 to claim your benefits, you would only receive $1,700 per month by claiming early.

If you visit the Social Security website and create an account, you can get an estimate of what your benefits would be at different ages.

Another way to supplement your income while on Social Security is to take advantage of the agency’s Supplemental Security Income (SSI) program.

What is SSI?

SSI provides monthly payments to those who have limited income and few resources, according to Social Security. This program is designed for those who are 65 years old or older as well as anyone who is blind or has a disability.

If you want to receive SSI, you have to meet one of the following requirements:

• Be 65 years old or older
• Be totally or partially blind
• Have a condition that stops you from working and is expected to last at least one year (or result in death)

How much money can I get from SSI?

As of 2025, the basic monthly payment for SSI benefits is $967 for one person and $1,450 for a couple. However, you might get more if you live in a state where money is added to the federal SSI payment.

You could also receive less money if you or your family has other income.

How to apply for SSI

If you are eligible, you can apply for SSI on the Social Security website. You could be eligible to complete your application online if:

• You are between 18 and 65 years old
• You have never been married
• You are a U.S. citizen who lives in the country or the Northern Mariana Islands
• You have never applied for or received SSI benefits
• You are applying for Social Security Disability Insurance (SSDI) at the same time

You can also call Social Security to set up an appointment with your local office.

DOGE, Elon Musk potential cuts to Social Security

There has been recent concern around Elon Musk’s Department of Government Efficiency and potential cuts to Social Security. Critics allege that the system is rife with fraud, which has caused DOGE to look closer at the agency.

“We have illegal immigrants on Social Security, and we’re going to find out who they are and take them off … we’re not going to stand for that,” Trump said.

However, some have said that the level of fraud being discussed around Social Security is not happening.

“The DOGE Team is essentially engaged in a fishing expedition at SSA, in search of a fraud epidemic, based on little more than suspicion,” U.S. District Judge Ellen Hollander in Maryland wrote.

Trump claimed in February, “Social Security will not be touched, it will only be strengthened.”