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The maximum Social Security benefit you can get depends on the age you retire. ... retirement age will rise to $3,627 a month in 2023 from $3,345 in 2022 — an increase of $282. ... know your new ...
The 8.7% increase in the Social Security COLA for 2023 is the highest since an 11.2% hike in 1981. ... in 2023. The maximum benefit for Social Security claimants at full retirement age will be ...
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. ... 2023. $1,825. $3,627. 2024. $1,919 ...
The average monthly Social Security benefit for September 2023 was $1,706. [4] The total cost of the Social Security program for 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP). [5]
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
In 1972, Congress passed major Social Security changes, including a 20% benefits increase effective in September 1972 and an automatic COLA to begin in 1975. 49 years of automatic Social Security ...