The maximum Social Security benefit for retired workers increases each year to keep pace with rising wage levels. In 2023, the maximum benefit is $4,555 per month, up from $4,194 per month in 2022. That means Social Security benefits could provide up to $54,660 in income this year. However, retired workers must meet two criteria in order to qualify for that benefit. Very few Americans will actually achieve that goal.
Here are the criteria retired workers must meet in order to qualify for the maximum Social Security benefit of $4,555 per month in 2023.
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Income plays a role in Social Security benefits
The Social Security program is primarily funded through payroll taxes. The 12.4% tax rate is typically split between employees and employers, meaning most workers contribute 6.2% of their income to the Social Security trust fund each year. Notably, current law limits the income subject to Social Security payroll tax, though the limit rises each year to keep pace with rising wages.
For example, the maximum taxable earnings limit is $160,200 in 2023, up from $147,000 in 2022. This chart from the SSA shows the maximum taxable limits dating back to the inception of the Social Security program. Notably, the same earnings limits also apply to benefit computation, meaning any worker who exceeds the maximum taxable earnings limit (for at least 35 years) is on track to qualify for the maximum Social Security benefit.
Very few Americans actually meet that criterion, though. In fact, only 6% of workers have wages that exceed the maximum taxable limit each year, according to the SSA. That means only 6% of workers are on track to qualify for the $4,555 monthly benefit in 2023. But there is still one more variable to consider.
Age plays a role in Social Security benefits
Eligibility for Social Security retirement benefits begins at age 62, but people who start Social Security before full retirement age (FRA) are penalized with a reduced benefit, while those who delay Social Security beyond FRA are credited with an increased benefit. However, the delayed retirement credit stops at age 70, meaning it never makes sense to start Social Security any later.
To that end, retired workers hoping to receive the maximum Social Security benefit of $4,555 per month in 2023 must reach age 70 this year, and they must wait until that happens to start receiving Social Security checks. That said, in certain cases, it doesn’t make sense to wait that long. The chart below details the maximum Social Security benefit payable to retired workers of different ages.
Age
62 Years Old
Full Retirement Age
70 Years Old
Maximum Social Security benefit
$2,572 per month
$3,627 per month
$4,555 per month
Data source: Social Security Administration. Chart by author.
How to get the maximum Social Security benefit
Putting the pieces together, a retired worker must meet the following criteria in order to receive the maximum Social Security benefit in 2023.
The worker must have earnings that exceed the maximum taxable limit for at least 35 years.
The worker must be 70 years old before receiving their first Social Security check.
As mentioned earlier, very few retired workers will actually get the maximum Social Security benefit in 2023, but it’s still important to understand how much income Social Security will provide in retirement. With that in mind, anyone can use the my Social Security portal to estimate their future benefits.
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