What Is the Maximum Social Security Payment?

What Is the Maximum Social Security Payment?

As of 2015, the maximum Social Security benefit that a worker can receive if he waited until the full retirement age to request payment is $2,663 per month, reports Kiplinger. Full retirement age is 66 for people born between 1943 and 1954 and 67 for people born after 1954.

The 2015 cap reflects a 1.7 percent cost-of-living increase. The average monthly benefit that workers receive in 2015 is $1,328. The amount that early recipients of Social Security benefits are allowed to earn in income without suffering a reduction in benefits is $15,720. Earning more than that leads to a $1 deduction in benefits for every $2 in earnings over the cap. People at full retirement age can earn up to $41,880 before seeing a drop in benefits, with a $1 deduction for every $3 in earnings, notes Kiplinger.