This amount is the most one family can earn based on the earnings of one family member. Investopedia requires writers to use primary sources to support their work. In this example, that higher amount at age 70 is about 76% more than the benefit they would receive each month if benefits started at age 62, or a difference of $550 each month., A Social Security Administration calculator can give you more personalized information.. Social Security Administration. The maximum monthly Social Security benefit that an individual can receive per month in 2021 is $3,895 for someone who files at age 70. First, all wages are indexed to account for inflation. Yes, there is a limit to how much you can receive in Social Security benefits. Source: Social Security Administration. Accessed Oct. 30, 2019. Accessed Oct. 30, 2020. That decrease is usually permanent., If that same individual waits to get benefits until age 70, the monthly benefit increases to $1,266. When preparing for retirement, most people are closely focused on the performance and projections for their retirement investment accounts. According to the Social Security Administration (SSA) the maximum monthly Social Security benefit that an individual who files a claim for Social Security retirement benefits in 2020 is: $3,770 for someone who files at age 70. The SSA adds four numbers to determine the family maximum for retirement and survivor benefits. "Benefit Calculation Examples For Workers Retiring In 2020." Social Security Administration. This website is produced and published at U.S. taxpayer expense. If you retire at age 70 in 2020, your maximum benefit would be $3,790. Accessed Oct. 30, 2020. The maximum benefit depends on the age you retire. You also would need to have earned the maximum taxable amount ($137,700 in 2020) for at least 35 years. Multiply that by 12 to get $34,332 in maximum annual benefits. 111-187 - Social Security Modernization: Options to Address Solvency and Benefit Adequacy." You can receive more if you wait longer. "When to Start Receiving Retirement Benefits," Page 1. For someone at full retirement age, the maximum amount is $3,113, and for someone aged 62, the maximum amount is $2,324. However, if you retire at age 62 in 2020, your maximum benefit would be $2,265. Bear in mind that this is the maximum benefit at FRA, but you can defer your benefits and increase your Social Security benefit. Retiring early means a reduced monthly benefit as well as a lower maximum amount. Your Social Security benefit will be based on your highest income earning years and the age you take benefits. According to the Social Security Administration (SSA), the maximum benefit paid at full retirement age (FRA) in 2021 is $3,113. The maximum Social Security benefit for a new retiree in 2018 is north of $33,000 per year at full retirement age and can be even higher for workers who wait. "Understanding the Benefits," Page 6. The max is $3,011 if retiring at 66; $2,857 at 65; and $2,265 at 62. Marguerita M. Cheng, CFP®, CRPC®, RICP, CDFABlue Ocean Global Wealth, Gaithersburg, Md. En español | The most an individual who files a claim for Social Security retirement benefits in 2020 can receive per month is: $3,790 for someone who files at age 70. Like any Social Security benefit, an individual may file for spousal benefits as early as age 62 but will receive a permanently reduced benefit amount for life if they file early. In addition, the maximum varies with the age at which you begin taking Social Security. The maximum Social Security benefit a worker retiring at age full retirement age (FRA) in 2020 will receive is $3,011 per month, up from $2,861. 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