How much will i get with social security

The total Social Security benefit payment varies by individual, as it is based on your personal situation. Four key factors described below affect how your monthly Social Security benefit is calculated: your birth year, claiming age, earnings history, and work history. In 2022, the estimated average Social Security payment for all retired workers is $1,657 per month. Later in the article, we'll cover how retirees can boost their monthly benefits (up to $4,194).

Factors That Impact How Much Social Security You Will Get

Birth Year

At age 62, you can begin receiving a portion of your Social Security benefit. However, to be paid 100 percent of the benefit for which you qualify, you must reach your full retirement age, which is based on the year you were born. Currently, the full retirement age for individuals born between 1943 and 1954 is 66. Individuals born between 1955 and 1959 reach 100 percent after 66 years plus a specific number of months. For example, if you were born in 1957, your full retirement age is 66 and six months. For those born 1960 and later, full retirement age and 100 percent eligibility is at age 67.

Claiming Age

When you decide to claim your Social Security benefit greatly impacts how much you'll receive. As mentioned above, you can begin claiming Social Security as early as age 62. However, you will receive a reduced portion of your benefit, not 100 percent. If you choose to wait until your full retirement age to claim Social Security benefits, you will receive 100 percent. Delaying Your Social Security benefit until age 70, the age when your benefits peak, will result in an increase in your monthly payment above 100 percent.

Earnings History

The more you have earned over the lifetime of your career, the more you have paid into the U.S. Federal payroll tax, known as the Federal Insurance Contributions Act (FICA). FICA helps fund Social Security and Medicare programs.

Did You Know: If you have not been employed or don't have enough Social Security credits to qualify for Social Security benefits, you may be eligible to receive Social Security spousal benefits. Obtain a rough estimate with the Social Security Benefits for Spouses calculator.

Work History

Your average Social Security payment is based upon your highest-earning 35 years of work history. Year(s) not spent in the workforce will count as a zero, thus affecting your average payment. Examples of a “zero year” include taking time to raise a family, spouse or parent caregiving, or being unemployed.

What Is the Average Social Security Payment?

Average Social Security Payment

According to the Social Security Administration (SSA), the average estimated monthly Social Security payment in 2022 after the 5.9 percent cost-of-living (COLA) increase is*:

*Data for this table is based on the 2022 Social Security Fact Sheet2

Maximum Social Security Payment

Making (or exceeding) Social Security's annual maximum earnings ($147,000 in 2022) is challenging for most people. High-earning individuals are eligible for a higher monthly Social Security payment if they have met the SSA's maximum taxable earnings each year for at least 35 years of work. The SSA reports the maximum monthly Social Security benefit an individual can receive in 2022 is:3

Jeff Hoyt, Editor-in-Chief at SeniorLiving.org, and Mary Beth Franklin, Certified Financial Planner and Contributing Editor of InvestmentNews, take a deep dive into maximizing your Social Security payout. Watch the video below for more information.

Pro Tip:AARP notes if you wait longer than your full retirement age to claim Social Security, you can earn delayed retirement credits to increase your eventual benefit by two-thirds of one percent for every month you wait.