I turn 63 in Feb 2017 and currently retired for 6 years. my soc sec. statement shows I will receive the max amount of 2639.00 if I wait till 66 to draw my soc. sec. I understand that the max amount you can get for 2017 is now 2687.00 an increase from 2016. When I look at my statement in feb of 2017 will it show a new max amount for me? thus also showing a higher estimated amount for me than it did in 2016 and will it also increase the amounts I can receive if I retire before age 66 that what it is currently showing since the maximum amount you can get has gone up.

Hi,

Social Security retirement benefits are based on a person's best 35 years of inflation adjusted earnings. The $2687 'maximum' amount you cited reflects the highest rate that a person who turns 66 in 2017 could receive if they earned the maximum amount subject to Social Security taxes in all of the 35 highest years leading up to the year they reach age 66. Even then, their benefit rate could further increase if they continue to work and earn more than one of their previous 35 best years of earnings.

The maximum amount of earnings subject to Social Security taxes has risen in recent years, so if you haven't worked for the last 6 years, you won't receive the maximum possible benefit rate for someone your age. Even if you had maximum earnings for 35 years prior to your retirement, someone else who is your age and continued to work and earn the maximum for the past 6 years would have a higher 35 year average, and a higher resulting full retirement age rate.

That said, it sounds like you are close to the maximum possible benefit for someone your age. However, except for cost of living increases, your full retirement age rate will not go up any further unless you have additional earnings. In some cases, the benefit estimate notices that Social Security sends out include an assumed level of future earnings, so it's possible that your actual rate could be somewhat lower than the estimate shown on the notice.

Best, Jerry