What is the maximum Social Security retirement benefit?

The maximum Social Security retirement benefit varies depending on the year an individual reaches full retirement age and their earnings history. As of 2023, a person who retires at full retirement age, which is generally 66 or 67 years old depending on the year of birth, can receive a maximum monthly benefit of approximately three thousand six hundred thirteen dollars. This amount is adjusted annually based on wage growth and changes in the average life expectancy. To qualify for the maximum benefit, individuals must have a long work history, typically having earned the maximum taxable earnings for at least thirty-five years. It is important to note that the monthly benefit amount can also be affected by the age at which one chooses to begin receiving benefits. For example, individuals who begin benefits before their full retirement age will receive a reduced monthly amount, whereas those who delay benefits past their full retirement age will receive an increased amount. For the most current information, individuals can refer to the official Social Security Administration website.