what determines the amount of social security
The size of that benefit check will also depend on wage inflation. This yearâs top monthly benefit at 66, or full retirement age (which is the benchmark the agency uses), is $2,663 ($31,956 a year). By contrast, the average Social Security payout is a more modest $1,287 ($15,444 a year). If you wait until age 70 to claim, delayed retirement credits will boost your payment to $3,515 in todayâs dollars ($42,182 a year).