What is the maximum Social Security retirement benefit in 2023?

Each month, the Social Security Administration sends money to millions of beneficiaries, including retirees and survivors. The agency also distributes disability payments, including benefits from the Supplemental Security Income program and Social Security Disability Insurance.

The amount that each beneficiary receives often varies, but the SSA has established the maximum amounts that a person may be eligible for. Here are the maximum benefits for 2023.

What is the maximum Social Security retirement benefit in 2023?

This year, thanks to the 8.7% increase in the cost-of-living adjustment, average retiree payments increased to $1,827, the SSA revealed in January.

The maximum benefit for those who retire at full retirement age (67) is $3,627. Those who early retire before full retirement age receive less money. Meanwhile, people who delay their retirement receive larger payments.

Those who retire at age 62 can expect a maximum benefit of $2,572 per month, while people who retire at age 70 or later may receive a maximum monthly payment of $4,555.

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Average payments from the Supplemental Security Income program are around $550 per month. The maximum monthly SSI benefit is up to $914 for an individual and $1,371 for a couple.

How to receive the maximum amount?

To receive the maximum monthly payment, which is $4,555, certain criteria must be met. First, the worker must have worked for at least 35 years before claiming their money.

In addition, the prospective beneficiary must pay Social Security payroll taxes on the maximum taxable income in their 35 highest-earning years. In 2023, only the first $160,200 is subject to these taxes.

Finally, the worker should delay claiming benefits until age 70 and not at or before full retirement age, as this would lower payments.