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What is the maximum Social Security retirement benefit payable?

The maximum social security retirement benefits payable in 2024 is $4,873 for individuals aged 70 and above.

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The maximum Social Security retirement benefits payable in 2024 isĀ $4,873 for individuals aged 70 and above. This amount can decrease depending on when you file for the benefits. For an early filing (age 62), about 30% of the benefit is reduced. But if you delay the filing till age 70, you’ll be paid $4,873.

What are the maximum Social Security retirement benefits?

The Social Security retirement benefit amounts are significantly dependent on the age you file for your benefits. Although there are other factors, this is one of the major factors in
calculating the benefit amount:

  • The maximum benefit if you file at the youngest age possible, which is at age 62: $2,710 per month
  • The maximum benefit if you file at full retirement age, which is between 66 and 67: $3,822 per month
  • The maximum benefit if you file at the age when extra benefits stop accruing, that is at age 70: $4,873 per month
  • If you file Social Security benefits early at age 62, the Social Security reduces about 30% of the benefit. On the other hand, the benefits are increased by 8% for each year after the full retirement age until age 70, if you delay filing.

Other factors that can affect your amount

Healthcare

At age 65, you’re eligible to get Medicare. The sign-up process for the hospital insurance
(Part A) and medical insurance (Part B) is completed through the Social Security Administration
(SSA). However, if you decide to sign up for medical insurance (Part B), the cost will be
deducted from your monthly benefits
.

Withholding taxes from benefit payments

If your combined income (50% of your benefit amount plus any other earned income) exceeds
$25,000 per year filing individually or $32,000 per year filing jointly
, you may be liable to pay federal taxes on your benefits. Where you are due to pay taxes, you can have these withheld from your benefit payment or pay the IRS directly.

Maximum Social Security retirement benefits payable per age in 2024

Retirement AgeMaximum SSA Benefits
62$2,710
65$3,426
66$3,652
67$3,822
70$4,873

Getting to your full retirement age

The full retirement age is the age between 66 and 67 where an individual gets the full Social
Security Retirement benefits
, depending on when you were born. This is the age SSA uses to
determine your benefit amount and that of your family.

Despite being entitled to your full benefits at your full retirement age, delaying iling for your
benefits till you are 70 may increase your benefits amount
. However, delaying your retirement benefit application till after 70 years is pointless, as your benefit amount will no longer be increased. The amount you are paid at 70 is the maximum payable amount for Social Security
Retirement benefits.

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