Social Security Q&A: What Is the Maximum Benefit I Can Receive?
Question: I’m planning my retirement. What is the maximum Social Security benefit I might receive?
Answer: The maximum benefit depends on the age you retire and how much you earned in your lifetime. For example, if you retire at age 62 in 2015, your maximum benefit will be $2,025.
If you retire at full retirement age in 2015, your maximum benefit will be $2,663.
If you retire at age 70 in 2015, your maximum benefit will be $3,501.
You can estimate your benefits by using the Retirement Estimator at http://www.socialsecurity.gov/estimator.
Q: I’m retired, and the only income I have aside from my Social Security retirement benefit is from an Individual Retirement Account.
Are my IRA withdrawals considered “earnings?” Could they reduce my monthly Social Security benefits?
A: No. Social Security does not count non-work income, such as annuities, investment income, interest, capital gains, and other government benefits, and they will not affect your Social Security benefits.
Most pensions will not affect your benefits. However, your benefit may be affected by a government pension from work on which you did not pay Social Security tax.
If you have wages or self-employment income and you are under your full retirement age, this income may affect your benefit amount.
For more information, visit http://www.socialsecurity.gov or call toll free at 1-800-772-1213 (TTY 1-800-325-0778).
This column was prepared by the Social Security Administration. For fast answers to specific Social Security questions, contact Social Security toll-free at 800-772-1213 or visit http://www.socialsecurity.gov.