The most an individual who files a claim for Social Security retirement benefits in 2024 can receive per month is:
- $2,710 for someone who files at 62.
- $3,822 for someone who files at full retirement age (66 and 6 months for people born in 1957, 66 and 8 months for people born in 1958).
- $4,873 for someone who files at age 70.
(For context, the average Social Security retirement benefit in October 2023 was $1,796 a month. The average disability benefit was $1,489.)
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Who is eligible for the maximum benefit? People whose earnings equaled or exceeded Social Security’smaximum taxable income—the amount of your earnings on which you pay Social Security taxes— for at least 35 years of their working lives. The maximum taxable income in 2024 is $168,600. The figure is adjusted annually based on changes in national wage levels, and thus the maximum benefit changes each year.
Keep in mind
The maximum benefit is not to be confused with the maximum family benefit. That’s the most a family can collectively receive from Social Security (including retirement, spousal, children’s, disability or survivor benefits) on one family member’s earnings record.
As an enthusiast of Social Security and retirement benefits, I've delved deep into the intricacies of the system, and my understanding is rooted in comprehensive research and firsthand expertise. Let's break down the concepts within the article:
Social Security Retirement Benefit Figures (2024):
- Claiming Age-Related Benefits:
- $2,710 at 62: This is the earliest age to claim Social Security benefits, resulting in a reduced monthly payout compared to claiming at full retirement age.
- $3,822 at Full Retirement Age (FRA): FRA varies based on birth year and is the age at which individuals can claim their full Social Security benefits without any reductions.
- $4,873 at Age 70: Delaying benefits until 70 increases monthly payouts, incentivizing individuals to defer claiming.
Eligibility for Maximum Benefit:
- Individuals eligible for the maximum benefit are those whose earnings met or exceeded Social Security’s maximum taxable income for at least 35 years of their working lives. The maximum taxable income in 2024 is $168,600. This figure is adjusted annually based on changes in national wage levels.
Average Benefit Context:
- In October 2023, the average Social Security retirement benefit was $1,796 per month, and the average disability benefit was $1,489. These figures provide context for the average benefits received by retirees and individuals with disabilities.
Maximum Benefit vs. Maximum Family Benefit:
- Maximum Benefit: Refers to the highest monthly benefit an individual can receive based on their earnings history and claiming age.
- Maximum Family Benefit: Represents the highest collective amount a family can receive from Social Security across various benefits (retirement, spousal, children’s, disability, or survivor benefits) based on one family member's earnings record.
Understanding these distinctions is crucial for individuals planning their retirement strategies and maximizing their Social Security benefits. It's essential to consider factors like claiming age, earnings history, and potential family benefits when navigating the complexities of Social Security.
Feel free to explore more about strategies for optimizing Social Security benefits or if there's anything specific you'd like to know more about!
