For those thinking about retirement and how much money they will receive, you must know that your benefits are calculated mainly taking into consideration two factors: the lifetime earnings in work where you paid Social Security taxes and the age that you start claiming your benefits, with the latter being crucial on most ocassions.
The average Social Security payment for retired individuals in 2023 will be for $1,827 each month, with the maximum being set at $3,627, which is what those who waited until their full retirement age are getting.
The full retirement age or FRA is set at 66 years and four months for those born in 1956, while those born in 1957 have a 66 years and 6 months, reaching the 67 years mark for those born in 1960 or later. Read Also : Can taxes be paid by credit card?
Answered 2 years ago 
Tove Svendson
Tove Svendson