Do Social Security benefits increase after full retirement age?
If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase. 67, you'll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months.
According to the SSA, the average retired worker receives a monthly Social Security benefit of $1,355. Therefore, the 0.3 percent cost-of-living adjustment translates to about a $4 monthly benefit increase for the average retiree, or about $48 per year.
- Remember, if you receive benefits or have Medicare, you can use your my Social Security online account to:
- Get your benefit verification letter;
- Check your benefit and payment information and your earnings record;
- Change your address and phone number;
- Start or change direct deposit of your benefit payment;
- If you are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount. (Full retirement age is 66 for people born between 1943 and 1954. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit.
- In June 2011, the average Social Security benefit was $1,180.80 per month. The maximum possible benefit for a worker retiring at age 66 in 2011 is $2,366. But to get this amount, the worker would need to earn the maximum taxable amount, currently $106,800, each year after age 21.
What will Social Security benefits be in 2018?
|Social Security Payments in 2018|
- In 2017, the maximum monthly Social Security benefit for a worker retiring at full retirement age was $2,687. In 2018, the maximum benefit will increase $101 per month to $2,788.
- For the year 2018, this limit on earned income is $17,040 ($1,420 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit.
- New earnings limit. For beneficiaries who work while collecting Social Security, those younger than full retirement age can earn up to $17,040 in 2018 without being penalized, up from $16,920 in 2017. Above that level, you'll lose $1 in benefits for every $2 earned.
Updated: 3rd October 2019