Whether you retire early or wait past normal retirement age, you’ll want to maximize the amount of money you receive in Social Security benefits.
Although benefits increased by 3.2% in 2024 due to cost-of-living increases, there is still a cap on the amount you can receive each month depending on when you start receiving benefits and how long you’ve worked.
We’ll tell you the maximum amount you can receive from Social Security each month when you retire, and how much income you need to receive that amount. For more information, see the Social Security benefit schedule and what to know if you might lose your Social Security benefits.
What is the maximum amount of Social Security I can receive each month?
of Maximum amount The amount of Social Security benefits you receive each month depends on when you start receiving your benefits. (Note that you can also delay receiving your benefits by leaving your job.) For 2024, your retirement ages are:
Age 62: $2,710 per month.
65 to 67 years old (Full retirement age): $3,822 per month.
70 years old: $4,873 per month.
Your complete Retirement age It depends on your date of birth – for example, if you were born in 1960 or later, your full retirement age is 67.
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How much money do I need to earn in my lifetime to receive the maximum benefit?
The Social Security Administration determines your benefit amount by considering your highest earnings over the past 35 years, in addition to the age at which you begin receiving benefits.
For example, if you want to receive the maximum Social Security amount when you retire in 2024, you need at least $168,800 For the year, that’s an increase of $8,400 over last year.
The tax maximum changes each year, so it may be different when you retire – for example, the tax maximum in 2003 (20 years ago) was $87,000, but in 2022 it is $147,000. Keep in mind that any income above the annual limit is not taxed and does not count towards your gross income.
Will an increase in the COLA change my Social Security maximum?
If you have a cost-of-living adjustment, or COLA for short, you can expect your monthly check to increase. In 2023, you’ll see a record 8.7% increase, then in 2024, you’ll see a 3.2% increase due to inflation.
For more information, here’s why you might want to pause your Social Security benefits now to get more money later.