Social Security: What Is the Maximum Social Security Benefit You Can Receive in 2023?
The 8.7% Social Security cost-of-living adjustment that goes into effect in 2023 will boost payments across the board for recipients — including those who receive the maximum benefit this year.
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The average Social Security benefit will rise by more than $140 a month, the Social Security Administration said in a press release last week. The increase will be about double that for beneficiaries at full retirement age who already get the maximum benefit.
The maximum Social Security benefit you can get depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345 a month, according to the SSA. If you retire at age 62 in 2022, your maximum benefit would be $2,364 a month. If you retire at age 70 — the latest age you can begin collecting Social Security — your maximum benefit would be $4,194.
Those amounts will all move higher next year thanks to the biggest annual COLA in more than four decades. According to a Fact Sheet on the SSA website, the maximum Social Security benefit for someone retiring at full retirement age will rise to $3,627 a month in 2023 from $3,345 in 2022 — an increase of $282.
Based on the 8.7% COLA, the maximum benefit for someone retiring at age 62 in 2023 should rise to about $2,570 a month in 2023 from $2,364 in 2022. For those retiring at age 70, the maximum benefit should rise to about $4,459 a month in 2023 from $4,194 in 2022. However, the SSA doesn’t explicitly state that those will be the maximums next year.
The Supplemental Security Income federal payment standard will rise to $914 a month in 2023 from $841 in 2022 for individuals, and rise to $1,371 a month in 2023 from $1,261 a month in 2022 for couples.
Of course, most Social Security recipients don’t get the maximum benefit or anywhere near it. To get the maximum, you must have earned a certain amount of income during your career and paid a certain amount of taxes into the Social Security system.
The average Social Security payment for all retired workers will rise to $1,827 a month in 2023 from $1,681 in 2022, the SSA said.
As previously reported by GOBankingRates, the SSA will mail COLA notices throughout the month of December to retirement, survivors and disability beneficiaries, along with SSI recipients and representative payees. These notices will let know your new benefit amount for 2023.
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If you want to know your new benefit amount sooner, you can get your Social Security COLA notice online using the Message Center in your personal my Social Security account. The information will be available in early December.
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This article originally appeared on GOBankingRates.com: Social Security: What Is the Maximum Social Security Benefit You Can Receive in 2023?
