Originally Posted by
Dwayne Watt
That is an "it depends" question. The age one takes SS plus your earnings history both factor into the maximum or minimum amounts. From the SSA web site: "The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2023, your maximum benefit would $3,267. However if you retire at age 62 in 2023, your maximum benefit would $2572. If you retire at age 70 in 2023, your maximum benefit would $4555."
The minimum benefit payable in 2023 is a bit more nebulous but appears to be approximately $723 for someone taking SS at age 62 with full earnings credits but a low wage history over their working lifetime. Full retirement minimum would then be $918. There are supplemental payment programs that can increase that amount somewhat.
Folks look at the maximum numbers but you really need to look at your personal information on the SSA website to get a solid estimate of what to expect. To get the maximum, one has to have hit or approached the peak tax withholding thresholds for ~35 years of their working career.