What is the maximum Social Security benefit?
If you are planning to retire soon, it’s best to consider if you will be getting the maximum Social Security benefit possible. Age is an important factor.
About 70 million people benefit from monthly Social Security payments. Most recipients are retired workers who paid income taxes to Social Security while they were employed.
The Social Security Administration takes into account several factors to determine the amount of payments, so the number may vary from one beneficiary to another.
For retired workers, the amount to be received will be linked to the number of years worked, the taxes paid to the agency during that same period, and the age at which the worker requests retirement.
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At what age can you apply for Social Security payments?
The minimum age to claim Social Security payments in 2024 is 62. However, because this is the minimum set by the government office, beneficiaries do not receive 100% of their money at that age. The administration reduces the amount by a small percentage for each month before full retirement age.
To be eligible for 100% of the money, it is best to wait until full retirement age, which is 67 years old for those born after 1960. If you were born before that, you can consult the official SSA table for the full retirement age according to your date of birth.
Workers who delay retirement until age 70 or even later, may be eligible for the maximum Social Security benefit which exceeds $4,000 per month.
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What is the maximum Social Security benefit?
While payments vary depending on each beneficiary’s situation, the Social Security Administration has a table of estimates that provides a broader picture for those planning for retirement.
In 2024, the maximum payment for beneficiaries aged 62 is $2,710 per month. Recipients aged 65 may be eligible for a maximum payment of $3,426 per month and those aged 66 may be eligible for a maximum payment of $3,652 per month.
Those who wait until full retirement age can get a maximum benefit of $3,822 per month, and those who delay retirement until age 70 or older are eligible for a maximum payment of $4,873.