Community Chat

[gertrudecloset]

Last Modified: October 7, 2022

• FAQ Home
• Retirement
• General Retirement Questions
• KA-01897

What is the maximum Social Security retirement benefit payable?

(En español)

Views: 763160

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364. If you retire at age 70 in 2022, your maximum benefit would be $4,194.

When you’re ready to apply for retirement benefits, use our online retirement application, the quickest, easiest, and most convenient way to apply.

https://faq.ssa.gov/en-US/Topic/article/KA-01897

[Zaimee]

@gertrudecloset  That is the information I read. It was written just before the 8.7% increase. I estimated and added the increase to get that whopping $4550 monthly!

Great for people who can wait until they are 70 AND have made a hefty slalary for many years!

[Sage04]

---

@Zaimee wrote:

@gertrudecloset  That is the information I read. It was written just before the 8.7% increase. I estimated and added the increase to get that whopping $4550 monthly!

Great for people who can wait until they are 70 AND have made a hefty slalary for many years!

---

@Zaimee  my brother retired in March  2020 at the age of 70 and he is still working. Everything from SS goes into a savings account which is over 4 thousand a month.

@Zaimee  I said it wrong. He applied for SS at 70 and is still working.

[Zaimee]

@Sage04  That is great!  

You can work and get SS. 

As long as you reach your full SS retirement age you can get full SS benefits and work. 

If you are younger than your full SS retirement age, you can work and collect SS BUT you will be penalized if you work and make  over a determined amount. Check out SSA dot gov for numbers.

Waiting until 70 if you can will get you the most money. However, There is no benefit to waiting to take your SS after 70.

[Somertime]

Regarding wealthy people like Oprah and Social Security.  They contribute to Social Security on an income of up to $147,000.00 which is the maximum income required by Social Security contribution for anyone whether an employee or self employed.

People of wealth like Oprah, do receive Social Security when they reach retirement age be it 62, 66 or 70.  They apply to receive the benefits they contributed to the same as everyone else. 

[Jo1313]

8.7% is a joke!..I got notices from my supplemental ins. and script plan..that their prices are being raised by 10% in Jan.2023.

Some drugs were moved from tier 3 to 4..which is a big increase.

[millieshops]

@SilleeMee   I know already that my Part D cost will increase significantly because my 2022 decreased when my income dropped because I was able to take advantage of not making an RMD from my IRA in 2021.   The break came at a good time for me when I had to add an expensive medication to my regimen this year.  Holding my breath to get the 2023 details from Medicare and my own provider. 

[gidgetgh]

---

@Jo1313 wrote:

8.7% is a joke!..I got notices from my supplemental ins. and script plan..that their prices are being raised by 10% in Jan.2023.

Some drugs were moved from tier 3 to 4..which is a big increase.

---

@Jo1313 - how much of an increase would you have liked to see?  20%, 30%, higher?  I'm thrilled with 8.7%. They didn't have to give us any increase. Social Security was never meant to be our only source of retirement income.

[Jo1313]

---

@gidgetgh wrote:

---

@Jo1313 wrote:

8.7% is a joke!..I got notices from my supplemental ins. and script plan..that their prices are being raised by 10% in Jan.2023.

Some drugs were moved from tier 3 to 4..which is a big increase.

---

@Jo1313 - how much of an increase would you have liked to see?  20%, 30%, higher?  I'm thrilled with 8.7%. They didn't have to give us any increase. Social Security was never meant to be our only source of retirement income.

Thank goodness SS is not our only source of income..but it would be nice to see the the 10%..that every medical company increased just to break even.

---

[gidgetgh]

---

@Jo1313 wrote:

---

@gidgetgh wrote:

---

@Jo1313 wrote:

8.7% is a joke!..I got notices from my supplemental ins. and script plan..that their prices are being raised by 10% in Jan.2023.

Some drugs were moved from tier 3 to 4..which is a big increase.

---

@Jo1313 - how much of an increase would you have liked to see?  20%, 30%, higher?  I'm thrilled with 8.7%. They didn't have to give us any increase. Social Security was never meant to be our only source of retirement income.

Thank goodness SS is not our only source of income..but it would be nice to see the the 10%..that every medical company increased just to break even.

---

---

@Jo1313 - I hear ya. In my case, my prescription plan is going down by $1 and change and my supplemental is going up by like $10. In this economy, I was happy with that.  Medicare premium is going down as is the deductible.  But not everyone here is on Medicare and prices are all over the place for everyone and then with the rising costs of groceries and stuff....  but I am always concerned that SS even will keep having enough funds to pay us so I am good with getting any increase at all.