Seniors can receive a maximum Social Security benefit of $5,108 per month in 2023, a figure that underscores the challenges of relying solely on Social Security for retirement. While the typical benefit is around $1,979, this amount often limits retirees' comfort. To qualify for the maximum benefit, individuals need a 35-year work history, significant earnings throughout that period, and must wait until age 70 to claim it. Many fall short of this requirement due to inadequate lifetime earnings.
The typical retired worker on Social Security today gets about $1,979 per month, which doesn’t provide much spending power, presenting challenges for those relying solely on it.
To collect the maximum Social Security benefit of $5,108, you must have a 35-year work history, earned high income during that time, and delayed claiming until age 70.
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