what is the maximum social security benefit in 2023

what is the maximum social security benefit in 2023

1 year ago 40
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According to the Social Security Administration, the maximum Social Security benefit in 2023 ranges from $2,572 to $4,555 per month, depending on the age you retire. The maximum benefit depends on the age you retire and your earnings history, among other factors. 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, and if you retire at age 70 in 2023, your maximum benefit would be $4,555.

Its important to note that the maximum benefit assumes that you have at least 35 working years during which you made at least the maximum income amount for the year. Additionally, the Social Security Administration limits the amount of earnings that are subject to Social Security taxes, and that limit is also the maximum amount of income that counts toward computing your Social Security benefit amount for the year. In 2023, for example, the limit is $160,200.

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