Workers with Maximum-Taxable Earnings

Social Security benefits depend on earnings
The amount of a person's retirement benefit depends primarily on his or her lifetime earnings. We index such earnings (that is, convert past earnings to approximately their equivalent values near the time of the person's retirement) using the national average wage index. See how we use earnings to compute a retirement benefit amount.

Benefit Examples For Workers With Maximum-Taxable Earnings
The initial benefit amounts shown in the table below assume retirement in January of the stated year, with maximum-taxable earnings since age 22. Benefits in 2027 reflect subsequent automatic benefit increases (if any). The table shows Average Indexed Monthly Earnings (AIME)—an amount that summarizes a person's earnings—and the corresponding monthly benefit amounts. Retirement at age 70 produces the highest ratio of retirement benefit to AIME.

Worker with steady earnings at the maximum level since age 22
Retirement in Jan. Retirement at age 62 a Retirement at age 65 b Retirement at age 66 c Retirement at age 67 d Retirement at age 70 e
AIME Monthly benefits AIME Monthly benefits AIME Monthly benefits AIME Monthly benefits AIME Monthly benefits
Initial In 2027 Initial In 2027 Initial In 2027 Initial In 2027 Initial In 2027
1987 $2,205 $666 $2,014 $2,009 $789 $2,384 $1,955 $806 $2,437 $1,861 $825 $2,494 $1,725 $1,056 $3,193
1988 2,311 691 2,005 2,139 838 2,431 2,089 860 2,495 2,040 880 2,553 1,859 1,080 3,133
1989 2,490 739 2,060 2,287 899 2,507 2,217 911 2,542 2,171 936 2,611 2,000 1,063 2,965
1990 2,648 780 2,077 2,417 975 2,596 2,368 984 2,621 2,302 998 2,658 2,154 1,085 2,889
1991 2,792 815 2,060 2,531 1,022 2,584 2,502 1,079 2,727 2,457 1,084 2,740 2,332 1,163 2,941
1992 2,978 860 2,095 2,716 1,088 2,653 2,617 1,113 2,713 2,592 1,175 2,863 2,470 1,231 3,001
1993 3,154 899 2,129 2,878 1,128 2,671 2,801 1,181 2,796 2,708 1,203 2,848 2,605 1,289 3,050
1994 3,384 954 2,201 3,024 1,147 2,646 2,963 1,219 2,813 2,891 1,276 2,944 2,758 1,358 3,133
1995 3,493 972 2,182 3,219 1,199 2,690 3,112 1,248 2,800 3,055 1,319 2,960 2,896 1,474 3,307
1996 3,657 1,006 2,201 3,402 1,248 2,731 3,306 1,300 2,844 3,201 1,352 2,958 3,012 1,501 3,283
1997 3,877 1,056 2,245 3,634 1,326 2,819 3,490 1,364 2,900 3,396 1,412 3,002 3,189 1,609 3,421
1998 4,144 1,117 2,326 3,750 1,342 2,795 3,724 1,437 2,993 3,584 1,477 3,075 3,348 1,648 3,430
1999 4,463 1,191 2,449 3,926 1,373 2,821 3,847 1,451 2,983 3,822 1,544 3,173 3,496 1,684 3,461
2000 4,775 1,248 2,502 4,161 1,435 2,878 4,031 1,502 3,013 3,954 1,585 3,178 3,707 1,752 3,514
2001 5,126 1,314 2,546 4,440 1,538 2,979 4,272 1,593 3,087 4,144 1,657 3,211 3,912 1,879 3,640
2002 5,499 1,382 2,610 4,770 1,660 3,135 4,555 1,692 3,196 4,390 1,750 3,304 4,165 1,988 3,754
2003 5,729 1,412 2,629 5,099 1,721 3,206 4,890 1,814 3,378 4,679 1,836 3,421 4,321 2,045 3,809
2004 5,892 1,422 2,595 5,457 1,784 3,255 5,219 1,894 3,456 5,015 1,989 3,628 4,532 2,111 3,851
2005 6,137 1,452 2,580 5,827 1,874 3,329 5,574 1,982 3,520 5,341 2,088 3,710 4,786 2,252 4,000
2006 6,515 1,530 2,612 6,058 1,961 3,347 5,940 2,108 3,597 5,692 2,223 3,794 5,072 2,420 4,130
2007 6,852 1,598 2,639 6,229 1,998 3,301 6,177 2,194 3,625 6,062 2,348 3,879 5,406 2,672 4,415
2008 7,260 1,682 2,715 6,479 2,030 3,279 6,350 2,212 3,573 6,300 2,432 3,928 5,733 2,794 4,512
2009 7,685 1,769 2,700 6,861 2,172 3,315 6,606 2,323 3,546 6,480 2,539 3,876 6,090 3,054 4,661
2010 7,949 1,820 2,777 7,189 2,191 3,345 6,976 2,346 3,581 6,728 2,532 3,865 6,450 3,119 4,761
2011 7,928 1,803 2,752 7,579 2,249 3,433 7,299 2,366 3,611 7,091 2,555 3,900 6,683 3,193 4,873
2012 8,199 1,855 2,734 7,973 2,310 3,403 7,680 2,513 3,703 7,407 2,666 3,929 6,852 3,266 4,812
2013 8,539 1,923 2,786 8,230 2,414 3,497 8,074 2,533 3,670 7,788 2,780 4,027 7,095 3,350 4,854
2014 8,890 1,992 2,844 8,229 2,431 3,471 8,335 2,642 3,771 8,182 2,795 3,990 7,452 3,425 4,889
2015 9,066 2,025 2,842 8,479 2,452 3,441 8,314 2,663 3,738 8,417 2,916 4,093 7,747 3,501 4,913
2016 9,431 2,102 2,950 8,782 2,491 3,497 8,556 2,639 3,704 8,395 2,891 4,057 8,090 3,576 5,019
2017 9,784 2,153 3,013 9,076 2,542 3,557 8,843 2,687 3,760 8,624 2,870 4,016 8,426 3,538 4,951
2018 9,936 2,158 2,961 9,243 2,589 3,552 9,144 2,788 3,825 8,918 2,973 4,078 8,649 3,698 5,073
2019 10,296 2,209 2,949 9,578 2,757 3,680 9,300 2,861 3,818 9,204 3,106 4,146 8,635 3,770 5,031
2020 10,683 2,265 2,975 9,919 2,857 3,752 9,636 3,011 3,955 9,366 3,150 4,138 8,864 3,790 4,979
2021 11,098 2,324 3,014 10,074 2,841 3,684 9,979 3,113 4,036 9,704 3,306 4,287 9,150 3,895 5,051
2022 11,430 2,364 2,895 10,437 2,993 3,665 10,141 3,240 3,967 10,049 3,568 4,370 9,446 4,194 5,136
2023 12,427 2,572 2,898 10,824 3,279 3,694 10,503 3,506 3,949 10,217 3,808 4,290 9,628 4,555 5,131
2024 13,100 2,710 2,958 11,256 3,426 3,740 10,911 3,652 3,987 10,600 3,911 4,269 9,990 4,873 5,319
2025 13,689 2,831 3,015 11,621 3,374 3,593 11,351 3,795 4,042 11,017 4,043 4,305 10,367 5,108 5,440
2026 14,358 2,969 3,076 12,602 3,467 3,592 11,724 3,752 3,887 11,463 4,207 4,359 10,593 5,181 5,368
2027 14,966 3,094 3,094 13,279 3,666 3,666 12,698 3,883 3,883 11,848 4,188 4,188 11,004 5,358 5,358
a Retirement at age 62 is assumed here to be at exact age 62 and 1 month. Such early retirement results in a reduced monthly benefit.
b Retirement at age 65 is assumed to be at exact age 65 and 0 months. For retirement in 2003 and later, the monthly benefit is reduced for early retirement. (For people born before 1938, age 65 is the normal retirement age. Normal retirement age will gradually increase to age 67.)
c Retirement at age 66 is assumed to be at exact age 66 and 0 months. Age 66 is the normal retirement age for people born in 1943-54. People who retired at age 66 and who were born before 1943 received delayed retirement credits; those born after 1954 will have their benefits reduced for early retirement. Thus, for retirement in 2021 and later, the monthly benefit is reduced for early retirement.
d Retirement at age 67 is assumed to be at exact age 67 and 0 months. Age 67 is the normal retirement age for people born in 1960 and later. People who retired at age 67 and who were born before 1960 received delayed retirement credits.
e Retirement at age 70 maximizes the effect of delayed retirement credits.
Note: Initial monthly benefits paid at ages 65, 66, 67, and 70 in 2000-2001 were slightly lower than the amounts shown above because such initial benefits were partially based on a cost-of-living adjustment (COLA) for December 1999 that was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law 106-554, however, this COLA is effectively now 2.5 percent, and the above figures reflect the benefit change required by this legislation.