How we make money
Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.
Bankrate, LLC NMLS ID# 1427381 |
NMLS Consumer Access
BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access
Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits.
For reference, the average Social Security retirement benefit
in May 2022 was $1,668 a month. The maximum benefit — the most an individual retiree can get — is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA), the age at which you qualify for 100 percent of
the benefit calculated from your earnings history. FRA is 66 and 4 months for people born in 1956 and is gradually rising to 67 for those born in 1960 or later.
You’ll only know your own amount for sure when you apply, but there are ways to get a sense of it in advance. The quickest and easiest is to use AARP’s Social Security Benefits Calculator or check your
online My Social Security account. The latter draws on your earnings record on file with the Social Security Administration; for the AARP calculator, you’ll need to provide your average annual income.
Both tools project what you could collect each month if you start Social Security at age 62, the earliest you can file for retirement benefits; at full
retirement age; and at age 70. Between 62 and FRA, Social Security reduces your benefit for filing early; between FRA and 70, it increases your payment as a reward for waiting.
For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social
Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70. The AARP tool can also give you figures for every age in between, gauge the effect on your benefits of continuing to work and help you budget for your retirement years.
You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises. Your actual benefit will vary, perhaps
significantly, based on fluctuations in your earnings, cost-of-living adjustments, whether you continue to work after claiming benefits and
changes in the Social Security law.
Keep in mind
Social Security sets a cap on how much of your income it takes into account in figuring your benefit. In 2022 the cap is $147,000 (it’s adjusted annually to reflect historical wage trends). Any income above that is not counted in your benefit calculation (and is also not subject to Social Security taxes).
Retirement Benefits (En español)
Social Security is part of the retirement plan for almost every American worker. It provides replacement income for qualified retirees and their families. This section of our website helps you better understand the program, the application process, and the online tools and resources available to you.
Ready To Retire?
Our online application makes it easy to apply for benefits.
Social Security Matters
Our blog — Social Security Matters — is the place to find in-depth articles and insights into our programs, online services, current events, and human-interest stories
Fraud Prevention And Reporting
Learn more about what we are doing to help prevent fraud and understand what steps you can take to help minimize your own risk.
Retirement FAQs see all
- What is the eligibility for Social Security spouse’s benefits and my own retirement benefits?
- What happens if I work and get Social Security retirement benefits?
- How far in advance can I apply for Social Security retirement benefits?
- When can I get Social Security retirement benefits?
- At what age should I start receiving my Social Security retirement benefits?
Quick Links
- Benefits For Your Family
- Full Retirement Age
- Cost-of-Living Adjustment (COLA) Information
- Social Security Scam Awareness
Sign Up for Retirement Information And Updates
Sign up to get helpful Social Security information, announcements, and tips sent directly to your email inbox.