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Thanks to an 8.7% jump in the Social Security cost-of-living adjustment, the average Social Security benefit increased to $1,827 per month in 2023, up from $1,681 in 2022. The maximum possible Social Security benefit for someone who retires at full retirement age is $3,627 in 2023. However, a worker would need to earn the maximum taxable amount, currently $160,200 for 2023, over a 35-year career to get this Social Security payment. You can get a personalized estimate of your future Social Security benefits by creating a my Social Security account. These estimates are based on your actual earning history and tend to be most accurate for those approaching retirement age. Your estimates might change from year to year, especially if you have a significant salary change or gaps in your earnings history.
Calculating Your Social Security Tax Rate See:
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