The amount of money you can get from Social Security benefits has increased by 3.2% in 2024. However, there’s still a cap that applies to everyone on how much they can receive each month, and it’s also risen this year.
Know that the amount you receive from Social Security is determined by your lifetime earnings. It also 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 what to know about the 2024 cost of living adjustment affecting your taxes this year.
What’s the maximum amount of Social Security I can receive 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 2024, here’s how the age you start receiving retirement benefits factors in.
Age 62: $2,710 monthly.
Age 65 to 67 (your full retirement benefits age): $3,822 monthly.
Age 70: $4,873 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.