See how we use earnings to compute a retirement benefit amount. 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 2025 reflect subsequent automatic benefit increases (if any).

Oct 13, 2020 · Approximately 70 million Americans will see a 1.3 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2021. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

69.8 million people received benefits from programs administered by the Social Security Administration (SSA) in 2020. 5.8 million people were newly awarded Social Security benefits in 2020. 55% of adult Social Security beneficiaries in 2020 were women.

2021 SOCIAL SECURITY CHANGES . Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2019 through the third quarter of 2020, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.3 percent COLA for 2021. Other important 2021 Social Security ...

Aug 24, 2021 · For 2021, the maximum Social Security benefit is just $3,011, per month, at full retirement age. Those who wait to claim benefits at age 70 could receive as much as $3,895 per month.

Jul 2, 2021 · Social Security's maximum payment may surprise you. If you're retiring and you qualify for Social Security 's maximum benefit, you could pocket $3,895 per month in Social Security income in...

Jan 30, 2025 · The Social Security Benefit Statement is also known as the SSA-1099 or the SSA-1042S. It is a tax form we mail to you every January if you receive Social Security benefits. It shows the total amount of benefits you received in the previous year, so you know how much Social Security income to report to the IRS on your tax return.

Social Security & Medicare Lifetime Benefits and Taxes: 2021 Social Security and Medicare are central to the federal government’s numerous social safety initiatives. About 65 million people received $1.107 trillion in benefits from the Old Age, Survivors, and Disability

Social Security. Most Social Security beneficiaries are retired or disabled workers whose monthly benefits depend on their past earnings, their age, and other factors. Benefits are also paid to workers’ eligible dependents and survivors based on the worker’s earning record. This In Focus provides an overview of the computation of Social ...

Jul 16, 2021 · Learn how the Social Security Administration measures inflation to calculate the annual cost-of-living-adjustment (COLA) for monthly benefit payments.