The U.S.’s Social Security Administration (SSA) bases your retirement benefit on the Social Security taxes you have paid on your career earnings, with other considerations also taken into account. The earliest age at which you can collect retirement benefits is 62, but if you want to receive the maximum amount, you will have to wait several years longer.
You won’t know the exact figure you will get until you apply, but to get a sense of what you can expect, you will want to look at some of the factors that determine your monthly retirement payment.
How does Social Security calculate your retirement benefit?
The two main factors that determine how much you receive are your average income over your career, and your age when you apply. The more you paid in Social Security taxes during your working life, the higher your monthly retirement benefits check will be. And the longer you are in employment before applying, the more you can get each month, especially if you keep working past 62.
To secure the maximum benefit, the amount you need to earn each year is adjusted annually based on changes in national wage levels. To calculate how much you will receive, the SSA takes an average of your wages over the 35 highest-earning years of your career. If you worked for fewer than 35 years, the years in which you didn’t earn will count as zero, bringing down your average.
How much can I get in monthly retirement benefits?
As of January 2026, the average Social Security retirement benefit was $2,071 per month. This year, average monthly payments rose by $56 on 2025, following the SSA’s implementation of a 2.8% cost-of-living adjustment (COLA).
If you file for retirement benefits at 62, the maximum benefit you can expect in 2026 is $2,969. However, those who put off retirement are rewarded with an increase on the benefits they can claim for each year they wait.
For those who hold off on filing for benefits until they reach their full retirement age (FRA), the top monthly benefit in 2026 is $4,152 a month. A person’s FRA is 67 if they were born in 1960 or later, and progressively lower if they were born earlier.
If you want to receive the highest possible Social Security retirement benefit, you’ll need to wait until you are 70 before applying. In addition, your earnings will need to have equaled or exceeded the Social Security’s maximum taxable income for at least 35 years. In 2026, the SSA’s taxable income cap is $184,500.
At present, the largest Social Security retirement benefit available is $5,181 a month. This amount will be adjusted for inflation each following year.
Estimate your retirement benefit
To get an idea of how much you might receive when you apply for retirement benefits, the SSA’s Online Benefits Calculator allows you to work out an estimate of your monthly payments. You can also check the status of your Social Security-tax contributions by logging into the agency’s My Social Security portal.
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