The ins and outs of Social Security can be pretty complicated, but one question you’re probably curious about is how much money you’ll get when you retire. Though the answer is usually different for everyone, there’s a cap that applies to everyone for how much you can receive each month.
First, the amount you receive from Social Security is determined by your lifetime earnings. Second, it depends on when you decide to start receiving benefits.
We’ll tell you the maximum amount you can get from Social Security each month when you retire, and how much you need to make to get there. For more, here’s the Social Security payment schedule and the Social Security Disability Insurance payment schedule.
What’s the age to receive the maximum amount of Social Security each month?
The maximum amount of Social Security benefits you can receive each month is based in part on when you decide to start receiving benefits. (Know that you can retire from work and delay receiving benefits till later.) For 2023, here’s how the age you start receiving retirement benefits factors in.
Age 62: $2,572 monthly
Age 65 to 67 (your full retirement benefits age): $3,627 monthly
Age 70: $4,555 monthly
Your full retirement benefits age depends on your date of birth. For instance, if you were born in 1960 or later, your full retirement age is 67.