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Benefits will increase by 8.7% through 2022 due to cost-of-living adjustments (COLA)14.
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The maximum benefit for someone retiring at full retirement age would be $3,627 per month12.
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The maximum benefit for someone retiring at age 62 would be $2,570 per month12.
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The maximum benefit for someone retiring at age 70 would be $4,459 per month12.
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The average Social Security retiree benefit will increase by $146 per month to $1,827 in 20234.
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