What is the maximum Social Security payment at age 67?
Each month, the Social Security Administration sends payments to retired workers. Here is the maximum amount that can be received at age 67.
The Social Security Administration (SSA) sends money to retired workers each month. Workers can retire and start receiving benefits as early as the age of 62. However, the SSA recommends waiting until full retirement age to receive maximum payments. Beneficiaries can also choose to delay claiming the checks until age 70 to receive more money.
People born after 1960 must wait until age 67 to reach full retirement age and receive maximum benefits, but how much money will they receive at this age?
What is the full Social Security payment at age 67?
Although workers can begin receiving Social Security benefits as early as age 62, the SSA recommends waiting until full retirement age, when a worker can receive 100% of the retirement benefit.
The full retirement age depends on the year of birth of the worker. If you were born between 1943 and 1954, this would be 66. If you were born between 1955 and 1959, the full retirement age gradually increases until it reaches 67 years of age for those born from 1960 onwards.
People born after 1960 must wait until age 67 to reach retirement age and receive their full benefits. The maximum benefit these workers can expect this year is $3,822.
The maximum benefit at age 62 is $2,710; at age 65 it is $3,426; and at age 66 it is $3,652. Those who delay their retirement until age 70 are eligible for a maximum payment of $4,873.
According to the SSA, average payments for retired workers rose to just over $1,900 in 2024.
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How does the SSA calculate Social Security benefits?
The SSA calculates payments annually for each beneficiary based on the “primary insurance amount” (PIA).
Subsequently, this is adjusted based on the age at which benefits begin to be claimed, decreasing if they were requested before full retirement age, granting 100% if they were claimed at full retirement age, and increasing if they are requested after.
To get an estimate of your Social Security benefits, you can use the Social Security Benefits Calculator or request an estimate using you “my Social Security” account and other tools available at the SSA website.