What is the highest social security benefit you can get

The 8.7% Social Security cost-of-living adjustment that goes into effect in 2023 will boost payments across the board for recipients — including those who receive the maximum benefit this year.

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The average Social Security benefit will rise by more than $140 a month, the Social Security Administration said in a press release last week. The increase will be about double that for beneficiaries at full retirement age who already get the maximum benefit.

The maximum Social Security benefit you can get depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345 a month, according to the SSA. If you retire at age 62 in 2022, your maximum benefit would be $2,364 a month. If you retire at age 70 — the latest age you can begin collecting Social Security — your maximum benefit would be $4,194.

Those amounts will all move higher next year thanks to the biggest annual COLA in more than four decades. According to a Fact Sheet on the SSA website, the maximum Social Security benefit for someone retiring at full retirement age will rise to $3,627 a month in 2023 from $3,345 in 2022 — an increase of $282.

Based on the 8.7% COLA, the maximum benefit for someone retiring at age 62 in 2023 should rise to about $2,570 a month in 2023 from $2,364 in 2022. For those retiring at age 70, the maximum benefit should rise to about $4,459 a month in 2023 from $4,194 in 2022. However, the SSA doesn’t explicitly state that those will be the maximums next year.

The Supplemental Security Income federal payment standard will rise to $914 a month in 2023 from $841 in 2022 for individuals, and rise to $1,371 a month in 2023 from $1,261 a month in 2022 for couples.

Of course, most Social Security recipients don’t get the maximum benefit or anywhere near it. To get the maximum, you must have earned a certain amount of income during your career and paid a certain amount of taxes into the Social Security system.

The average Social Security payment for all retired workers will rise to $1,827 a month in 2023 from $1,681 in 2022, the SSA said.

As previously reported by GOBankingRates, the SSA will mail COLA notices throughout the month of December to retirement, survivors and disability beneficiaries, along with SSI recipients and representative payees. These notices will let know your new benefit amount for 2023.

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If you want to know your new benefit amount sooner, you can get your Social Security COLA notice online using the Message Center in your personal my Social Security account. The information will be available in early December.

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This article originally appeared on GOBankingRates.com: Social Security: What Is the Maximum Social Security Benefit You Can Receive in 2023?

You may have seen the cost of everything going up the past year. High inflation has led to the ... [+] highest Social Security COLA in over 40 years.

Maximizing your Social Security income should be a key part of your retirement plan. As Americans often enjoy longer retirements, the guaranteed lifetime income for Social Security is an even more important part of maintaining your financial security as you age. With a near record Social Security cost-of-living adjustment (COLA) for 2023, the maximum Social Security benefits will increase again next year.

2022 Maximum Social Security

Your Social Security benefits are based on your work history and the age at which you choose to begin benefits. If you start receiving Social Security at your full retirement age in 2022, you could receive a maximum Social Security benefit of $3,345 per month.

If you are fortunate to have retired earlier, your retirement benefits will be less. The earliest you can claim Social Security retirement income is age 62. At age 62, the maximum Social Security benefit is $2,364 (a drop of about 30%).

The latest you can wait before you must begin to receive Social Security benefits is age 70. Waiting to receive benefits can significantly increase your monthly income. In 2022, the maximum Social Security benefit at age 70 is $4,194.

The vast majority of retirees receive much less from Social Security than the above numbers you just saw. According to the Social Security Administration, the average Social Security check was $1,542.22 as of June 2022.

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Social Security Cost-of-Living Adjustment For 2023

The Social Security Administration recently announced the annual cost-of-living increase will be 8.7% for 2023. This increase will translate into a larger maximum Social Security benefit in 2023 and beyond.

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2023 Maximum Social Security Benefits

With the Social Security COLA of 8.7% for 2023, the new maximum Social Security numbers are going up next year. For those claiming benefits at age 62, the maximum Social Security benefit per month should be about $2,570. If you wait until your Full Retirement Age, your maximum Social Security benefit in 2023 will be about $3,636 per month. Waiting from 62 to full retirement age increases your amount by around 30% per month.

For those who are either patient, looking to get the maximum Social Security benefits, or perhaps, just working a bit longer, waiting until age 70 will result in the biggest possible Social Security benefit. The maximum Social Security benefit at age 70 will be about $4,559 per month. While earning almost $55,000 per year from Social Security may sound fantastic, if you qualify for the maximum Social Security benefit, this is likely only replacing a small portion of your pre-retirement income.

How are Social Security benefits calculated? What is the maximum Social Security benefit for 2023?

How Will My Social Security Benefits Be Calculated?

YourSocial Security benefits are based on your 35 highest-earning years of employment. There are a few adjustments made to account for inflation. If you have worked less than the requisite 35 years, you will likely see lower Social Security benefits in retirement.

The Social Security Administration (SSA) calculated your Average Indexed Monthly Earnings or AIME to determine your final Social Benefits. The AIME is computed by dividing the sum of all your indexed wages by 420. Eventually, your actual Social Security benefit amount is calculated based on various factors, such as the age at which you start collecting benefits. Remember, the SSA will lower your benefits if you start taking them before full retirement age.

How Can I Get My Social Security Estimated Benefits?

Even if you are a long way from retiring, getting an estimate of your future Social Security benefits can be helpful. For those closer to full retirement age, you will likely want to check your Social Security benefits annually. You can register to view your official Social Security work history and estimated future Social Security benefits on the SSA site. Setting up an account is free.

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