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Is there a maximum per month that one can collect at age 70?

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Is there a maximum...

Is there a maximum per month that one can collect at age 70?

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

Once again, based on your highest 40 quarters, is there a maximum that one can be paid per month thru social security?

Submitted: 4 months ago.Category: Social Security
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Answered in 19 minutes by:
3/19/2018
Social Security Expert: lev-tax, Tax Advisor replied 4 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,137
Experience: Taxes, Immigration, Labor Relations
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The average Social Security benefit currently being paid out to retirees is $1,372 per month.

The maximum primary insurance amount a retiree could receive in 2018 at his/her full retirement age, is $2,788 per month.

Those who delayed benefits till age 70 are getting extra up to 32% increase - and the maximum could be up to $3,680 per month.

.

However - the actual amount is not limited by 40 quarters - but is calculated using the 35 highest-earning years indexed for inflation.

This average worker's lifetime average-indexed monthly earnings is used to calculate PIA - primary insurance amount - for 2018, this is:

  • 90% of the first $896
  • 32% of the amount greater than $896, but less than $5,399
  • 15% of the amount greater than $5,399

Let me know if you need any help with determination.

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Social Security Expert: lev-tax, Tax Advisor replied 3 months ago

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Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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