Vance Cariaga
·1 min read
The 8.7% Social Security cost-of-living adjustment that went into effect in January of 2023 boosted payments across the board for recipients.
See: 6 Big Shakeups to Social Security in 2023
Find: 3 Ways To Recession-Proof Your Retirement
As the Social Security Administration (SSA) detailed: “The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.”
The Supplemental Security Income federal payment standard rose to $914 a month in 2023 from $841 in 2022 for individuals, and rose to $1,371 a month in 2023 from $1,261 a month in 2022 for couples. Further, some states supplement this federal payment, as the SSA indicated.
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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, as of March 2023, was $1,696 per month.
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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?
