What is the maximum monthly Social Security benefit?

The highest amount you could receive from Social Security depends not only on the four factors mentioned above but also on your COLA increase. COLA is meant to ensure that the purchasing power of Social Security benefits is not eroded by inflation.

For instance, the SSA announced that the COLA will be 8.7% in 2023, which means that beneficiaries will get higher Social Security payouts this year. The maximum initial monthly benefit for 2023 by retirement is as follows: at age 62: $2,57; at age 65: $3,279; at age 66: $3,506; at age 70: $4,555.

These figures apply to a worker who has been steadily earning the maximum taxable amount since age 22. For 2023, the maximum taxable income threshold is $160,200, a number that tends to increase annually.