The ins and outs of Social Security can be pretty complicated, but one question you’re probably curious about is how much money you’ll get when you retire. Though the answer is usually different for everyone, there’s a cap that applies to everyone for how much you can receive each month. 

First, the amount you receive from Social Security is determined by your lifetime earnings. Second, it depends on when you decide to start receiving benefits. 

We’ll tell you the maximum amount you can get from Social Security each month when you retire, and how much you need to make to get there. For more, here’s the Social Security payment schedule and the Social Security Disability Insurance payment schedule.

What’s the age to receive the maximum amount of Social Security each month?

The maximum amount of Social Security benefits you can receive each month is based in part on when you decide to start receiving benefits. (Know that you can retire from work and delay receiving benefits till later.) For 2023, here’s how the age you start receiving retirement benefits factors in.

Age 62: $2,572 monthly

Age 65 to 67 (your full retirement benefits age): $3,627 monthly

Age 70: $4,555 monthly

Your full retirement benefits age depends on your date of birth. For instance, if you were born in 1960 or later, your full retirement age is 67.

How much money do I have to make over my lifetime to receive the maximum benefit amount?

Along with the age you start receiving benefits, the Social Security Administration looks at your highest 35 years of earnings to determine your benefit.

For example, in 2023, if you want to receive the maximum Social Security amount when you retire, you’ll need to make at least $160,200. 

The maximum taxable amount changes every year, so it’ll likely be different when you retire. For instance, in 2003 (20 years ago), the taxable maximum was $87,000 and last year it was $147,000. Know that income above that annual cap isn’t taxed and doesn’t count toward your total earnings. 

Can my Social Security maximum change if there’s a COLA increase?

If there’s a cost of living adjustment (or COLA, for short), you can expect to receive a monthly increase on your checks. In 2023, we saw a record increase of 8.7%, and in 2024, it’s projected to increase by 3.2% due to inflation.

For retirees, the average monthly increase amount will be $58 in 2024.

For more, here’s why Supplemental Security Income beneficiaries are getting a second payment in September. Also, here’s why you may want to pause Social Security benefits now to get more money later.