Increase in Max Benefits for Workers Retiring at Full Retirement Age

Since the increase in the COLA was announced, it was expected that other Social Security changes would follow. As a result, the maximum Social Security benefit for a worker deciding to retire at full retirement age (FRA) will also rise in 2023, to $3,627 from $3,345. Don’t forget that this maximum only applies to those retiring at FRA, which is 67 if you were born after 1960.

Those who retire before the full retirement age are known to have their benefits reduced, so the maximum will be different for them. The same thing applies to those who start claiming benefits after the full retirement age, a strategy that can boost your benefit check.