West Virginia Consolidated Public Retirement Board (2023)

The State Teachers' Retirement System (TRS) was established on July 1, 1941 for the purpose of providing retirement benefits for teachers and school service personnel. TRS is a defined benefit plan that currently has approximately 41,594 members and 36,394 retirees receiving annuity benefits. An active member contributes 6% of his or her gross monthly salary into TRS. If you were a member prior to July 1, 1991, the employer contributes an additional 15% of the member's gross monthly salary into TRS. For members hired for the first time on or after July 1, 2005 or for member's who transferred from the Teachers' Defined Contribution (TDC) System, the employer contributes an additional 7.5% of the member's gross monthly salary into TRS. TRS members hired before July 1, 2015 are eligible for Tier I benefits described in this brochure. Those hired for the first time and become a member of TRS on or after July 1, 2015 are under Tier II benefits as described in the TRS Tier II brochure.

RETIREMENT BENEFITS

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In order to qualify for regular retirement benefits, a member of TRS must meet eligibility requirements.
A member who is working in covered employment at the time of retirement may:

  • Retire with full benefits at age 60 with 5 or more years of service.
  • Retire with full benefits at age 55 with 30 or more years of service.
  • Retire with full benefits at any age with 35 or more years of service.
  • Retire with reduced benefits before age 55 with at least 30 but less than 35 years of service.

A member with 5 or more years of service who terminates employment prior to retirement, but does not withdraw his or her employee contributions, will be eligible for retirement benefits at age 62, or at age 60 with 20 years of service.


Final Average Salary x Years of Service x 2% =
Annual Retirement Benefit under Straight Life

(Video) SD58 Consolidated Public Retirement Board Part Two


A regular retirement benefit under the Straight Life annuity option is an amount equal to 2% of a member’s final average salary multiplied by the member’s years of service credit paid in equal monthly installments. Final average salary refers to the average of the 5 highest fiscal year salaries out of the last 15 fiscal years of contributing service. Normally, this figure will come from the last 5 years of employment.

Retirement benefits are not automatic. You must apply to the Consolidated Public Retirement Board (CPRB) for your retirement benefits. Distributions must start by April 1 of the year following the later of:
a) the date you reach age 72 if you were born after June 30, 1949;
b) the date you reach age 70 ½ if you were born before July 1, 1949; or
c) the date upon which you terminate employment.

Retirement benefits are credited to retiree accounts by direct deposit on the 25th of each month. If the 25th falls on a weekend or holiday, checks are processed on the prior full business day.

Annuity Options Upon Retirement
Straight Life: A lifetime annuity payable monthly to the retiree that is determined under the regular benefit formula without adjustment. There are no death benefits payable under this option.
100% Joint & Survivor: A reduced annuity payable monthly to the retiree for his or her lifetime. Upon the death of the retiree, the named survivor will receive the same amount for his or her lifetime.
50% Joint & Survivor: A reduced annuity payable monthly to the retiree for his or her lifetime. Upon the death of the retiree, the named survivor will receive one-half of the monthly payment for his or her lifetime.
10 Year Certain - 120 Payments: A reduced annuity payable monthly to the retiree for the retiree’s lifetime. If the retiree dies before receiving 120 monthly payments, the remainder of those 120 monthly payments shall be payable to the retiree’s named beneficiary or the retiree’s estate.

The benefit option you elect is extremely important. Once you receive any benefits under the options you select, you will NOT be allowed to change your benefit option unless you qualify under the provisions of WV Code §18-7A-26 and 18-7A-28.

Any employee contributions, plus interest, remaining in the retiree’s account at the time of the retiree’s or survivor’s death will be refunded to the named beneficiary or the retiree’s estate.

(Video) SD58 Consolidated Public Retirement Board Part One

Retirement Benefit Estimate
Prior to retirement and upon request, an estimate of potential benefits under all 4 retirement annuity options can be provided so that the member can make an informed decision regarding his or her retirement options.

Disability Retirement
A member may qualify for disability retirement benefits if he or she has at least 10 years of service credit, left employment because of disability, and has been unable to work because of the disability for at least 6 months. Only 5 years of service credit is necessary if the disability is a direct and total result of an act of student violence directed toward the member. All disability retirement applications must be approved by the CPRB. If a member who retires on the basis of disability returns to service, the Board shall discontinue payment of his or her disability. Disability retirees are required to submit medical recertification for 5 years following receipt of disability benefits.

Death Prior to Retirement
If an active member 50 years of age or older with 25 years of credited service dies, the surviving spouse, if named as sole beneficiary, will receive a lifetime annuity based on 100% Joint & Survivor annuity option. If a member dies and does not meet these age and service requirements, all funds are paid to the designated beneficiary(ies).

If a member wishes to change his or her beneficiary prior to retirement, he or she must complete a new beneficiary form in its entirety and submit it to the CPRB prior to the member's death in order for it to be effective.

The member should keep a copy of his or her beneficiary form for his or her records. If a member’s family situation changes (birth, death, marriage, divorce, etc.), he or she should re-evaluate their beneficiary designation.

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Military Service
Military service will be credited in accordance with WV Code §18-7A-17a.
National Guard service may be purchased by a TRS member in accordance with WV Code §18-7A-17b.

Military Service during the Draft- Tier I members shall be given military service credit for service in any of the Armed Forces of the United States during any period of national emergency within which the Federal Selective Service Act (Draft) was in effect. A maximum of 10 years of non-contributory military service can be given; however, it cannot exceed 25% of the member's total TRS service. Military service during the Draft period will be credited to the member's account at the time of retirement.

Military Service after the Draft - Tier I members may be eligible to purchase up to sixty months of active duty military service for military service performed prior to employment with a TRS employer. To determine eligibility to purchase military service, the member must submit a Request to Purchase Military Service Credit form to the CPRB during the first complete fiscal year of contributory retirement service completed after July 1, 2015.

Interruptive Military Service while employed - Tier I members who are called to active duty in the Armed Forces of the United States during covered employment with a TRS employer and who return to covered employment within the time period required under the USERRA federal law may be eligible to purchase up to 5 years of military service credit for such service.

Loans
An active member who was a TRS member before July 1, 2005 may borrow up to 50% of his or her contributions, but the total existing loan may not exceed $8,000. Refinancing an existing loan is not permitted.
Any outstanding loan balance must be paid in full prior to the member's effective retirement date or a member may elect to offset any outstanding loan balance by taking a lifetime actuarial reduction of his or her monthly retirement annuity.

Sick and Annual Leave At Retirement
A Tier I member who is currently participating as an employee in the Public Employees Insurance Agency (PEIA) plan may elect to use unused annual/vacation and/or sick leave toward an increase in retirement benefits, on the basis of two days of retirement service credit for each day of unused annual/vacation and/or sick leave over the average annual contract period. (This provision does not apply to full time higher education faculty members employed on an annual contract basis other than 12 months.) Such days will constitute additional service in the computation of the member's retirement annuity. The additional credited service shall not be used in meeting initial eligibility for retirement criteria. Lump sum payments of annual/vacation leave shall not be used in the computation of retirement benefits under TRS.
In the alternative to increasing retirement benefits, members who currently participate in a PEIA insurance plan may be permitted to use unused annual/vacation and sick leave days at the time of retirement to purchase health insurance under the PEIA. Please contact PEIA for further information. Unused leave cannot be used for both options.

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Termination of Employment
If a Tier I member terminates employment prior to the time he or she qualifies for retirement benefits and has accrued at least 5 years of contributing service, he or she may leave his or her accumulated contributions on deposit until they qualify for deferred retirement benefits. The member may also choose to withdraw his or her accumulated contributions from the plan after termination of his or her employment so long as an annuity is not immediately payable. However, he or she may not withdraw the employer's contributions. Employer contributions remain with the retirement system. Once the member withdraws contributions from the system, he or she forfeits all future retirement and disability benefits. A Tier I member who is terminating employment should consult with the CPRB before deciding whether or not to withdraw his or her accumulated contributions.

Working After Retirement
Any retiree who accepts public school employment, other than as a college teacher, for a period of no more than 140 days during the school year, and who is not considered in any way a permanent or regular employee, is considered to be temporary and shall continue to receive his or her normal monthly benefit. The retiree will receive a reduction in their retirement annuity if the temporary employment exceeds 140 days. A retiree may teach college level courses on a non-contract basis for less than 7 hours of college credits per semester without a loss of benefits.

Out of State Service
TRS members may purchase service credit for "public" school teaching service performed in another state or for service as a teacher for employment with the federal government of the United States. Service credit purchased shall not exceed the lesser of 10 years or 50% of the member's total service at the time of his or her TRS retirement. Purchased out-of-state service may not be used to establish eligibility for retirement benefits in TRS. Additionally, such service must be withdrawn from the other State or Federal retirement system.

Workers’ Compensation
TRS members receiving Workers' Compensation benefits may purchase credited service for time absent from work due to temporary disability if the member returns to work with a covered employer within 1 year following cessation of workers' compensation benefits. A maximum of 2 years may be purchased by lump sum payment. Payment must be made within 2 years of the end of the disability period.

Questions
Should you have any questions regarding the Teachers’ Retirement System, please feel free to contact us in writing or by phone at the West Virginia Consolidated Public Retirement Board, Monday through Friday, 8:00 a.m. to 5:00 p.m.

Note:
Information contained in this document illustrates the CPRB’s understanding of the current provisions of the Teachers’ Retirement System. These provisions are contained in the current plan statutes, and are subject to modification by the West Virginia Legislature each year. This document is for general guidance purposes only. In the event there is a discrepancy between information contained in this document and the WV State Code and Rules or any applicable case law, the language in the Code and Rules or any applicable case law shall prevail.

(Video) Joint Standing Committee on Pensions and Retirement (11-15-22)

FAQs

Will TRS retirees get a raise in 2022? ›

At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022.

How many years do you have to work for the state of WV to retire? ›

Retirement; commencement of benefits. (a) A member may retire with full benefits upon attaining the age of 50 and completing 25 or more years of service or attaining the age of 52 and completing 20 years or more of service by filing with the board his or her voluntary application in writing for retirement.

Is West Virginia a good retirement state? ›

West Virginia is tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

How is WV State retirement calculated? ›

Prospective retirees must make application to the Board in order to commence retirement benefits. Regular retirement benefits are paid in equal monthly installments in an amount equal to 2% multiplied by the member's years of credited service multiplied by the member's Final Average Salary (FAS).

How much will teachers pensions rise in 2022? ›

Pensions in Payment

PI takes effect every April and is based on the Consumer Price Index (CPI) up to the September of the previous year. As a result, any increase applied in April 2023 will be driven by the CPI of 10.1% announced for the year to September 2022.

Will pensioners get an increase in April 2022? ›

In April 2022, there was a 3.1% increase in the full new state pension. Whether you actually get the full amount is based on your national insurance record when you reach state pension age.

What does it mean to be fully vested after 5 years? ›

“Vesting” in a retirement plan means ownership. This means that each employee will vest, or own, a certain percentage of their account in the plan each year. An employee who is 100% vested in his or her account balance owns 100% of it and the employer cannot forfeit, or take it back, for any reason.

Can you be fully retired and still work? ›

Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits.

What happens if you quit before retirement age? ›

You can stop working before your full retirement age and receive reduced benefits. The earliest age you can start receiving retirement benefits is age 62. If you file for benefits when you reach full retirement age, you will receive full retirement benefits.

At what age do you stop paying property taxes in West Virginia? ›

Below is a representative, nonexclusive list of property that may be exempt from property tax: The first $20,000 of assessed value of owner-occupied residential property owned by a person age 65 or older or by a person who is permanently and totally disabled is exempt.

Where is the best place in West Virginia to retire? ›

If retiring to the Mountain State seems like a good idea, here are the seven best places to retire in West Virginia.
...
the best places to retire in West Virginia include:
  • Beckley.
  • Bluefield/Princeton.
  • Hinton.
  • Huntington.
  • Morgantown.
  • Summersville.
  • Weston.

What is the best town to live in West Virginia? ›

Niche releases best places to live in WV in 2022
  • #6 Morgantown. Home of West Virginia University, Morgantown in Monongalia County is known for being full of young people and full of life. ...
  • #5 Winfield. ...
  • #4 Star City. ...
  • #3 Cheat Lake. ...
  • #2 Athens. ...
  • #1 Bridgeport.
14 Mar 2022

What is the 75 rule for retirement? ›

You are eligible to receive retiree benefits if you meet the “Rule of 75”. This rule states that you must be a minimum of 55 years of age and have a minimum of 10 years of continuous full-time service; if you meet both minimums, then the total of your age and years of service must equal at least 75.

What is the 90 rule for retirement? ›

It's actuarial jargon. The rule of 90 is a formula for determining when a teacher can draw a normal pension without penalty. This rule is satisfied when your age + years of service = 90.

Are WV state employees getting a raise in 2022? ›

(a) Beginning on July 1, 2022, every employee of the State of West Virginia shall receive an annual salary increase of 10 percent of the average salary of all public employees. This increase is permanent.

Can I take my teachers pension at 55 and still work? ›

Answer: If you're over 55 you can choose to continue to work and receive part of your benefits. To be eligible to take phased retirement you must have a reduction of at least 20% in your pensionable earning in the previous 12 months.

Why is my teachers pension going down? ›

The government is making changes to all public sector pension schemes, including TPS, from 1 April 2022. These changes will remove the age discrimination found by the courts in the way in which the 2015 CARE schemes were introduced. From 1 April 2022 all final salary schemes will close for future accrual.

Will teachers pensions go up in 2023? ›

For the 2022‐2023 Scheme year the Pensions Increase is 3.1%, and the maximum extra pension amount will increase to: From 1 April 2022 all accrual will be in the career average scheme and elections in the final salary scheme will not be available to any members.

Do pensioners get a bonus this year 2022? ›

However, on 2 September 2022 the Prime Minister announced that Age Pensioners will be able to earn an additional $4,000 in the 2022–23 financial year before it affects their pension.

What increase will pensioners get in 2022? ›

The Age Pension, Disability Support Pension and Carer Payment rates will increase by $20.10 to $987.60 a fortnight for a single person and by $30.20 to $1,488.80 a fortnight for a couple.

How much will the pensioners get in 2022 budget? ›

Budget October 2022-23

Eligible pensioners will get $4,000 credited to their Work Bonus balance from 1 December 2022. The maximum Work Bonus balance will increase from $7,800 to $11,800 until 30 June 2023. The Work Bonus concession of $300 per fortnight will remain unchanged.

What happens to my pension if I quit? ›

Typically, when you leave a job with a defined benefit pension, you have a few options. You can choose to take the money as a lump sum now or take the promise of regular payments in the future, also known as an annuity. You may even be able to get a combination of both.

How do I know if I am vested in my pension? ›

Being fully vested in your retirement plan means you own 100% of funds in the account, including any employer contributions. Most retirement plans such as 401(k)s and pensions have vesting schedules. This tells you when you become fully vested in your plan.

Can a company take away your vested pension? ›

However, if you have a traditional pension plan that your employer is contributing money toward, your employer can take back that money in the event that you are fired. However, if you are vested in the pension, then all the money in the account is yours to keep, even if you quit or are fired.

How long is the average person retired? ›

The average length of retirement: 18 years

Meanwhile, the average age at which people retire these days is 63. That gives a typical retiree a retirement that lasts from about age 63 to about age 81.

How do I get the $16728 Social Security bonus? ›

How to get the $16,728 bonus in retirement?
  1. Work as long as you can: the later you retire the higher your benefit will be. Remember that 70 is the maximum age. ...
  2. Years worked: If you work less than 35 years you will have a reduction in your SSA check. ...
  3. High salary: with a high salary you will have a high retirement.
14 Sept 2022

Why retiring at 62 is a good idea? ›

Probably the biggest indicator that it's really ok to retire early is that your debts are paid off, or they're very close to it. Debt-free living, financial freedom, or whichever way you choose to refer it, means you've fulfilled all or most of your obligations, and you'll be under much less strain in the years ahead.

Is it better to resign or retire from a job? ›

The Difference Between Retirement and Resignation

Another distinction: Retirement is usually a permanent decision to leave the workforce (although you can continue working after retirement) Resignation is usually a decision to switch to a different job.

What is the lowest Social Security payment? ›

For 2022, the special minimum benefit starts at $45.50 for someone with 11 years of coverage and goes to $950.80 for workers with 30 years of coverage. A financial advisor can help you plan your retirement taking into account your Social Security benefits.

How many years do you have to work to get a pension? ›

If you were born in 1929 or later, you need 40 credits (usually, this is 10 years of work). If you stop working before you have enough credits to qualify for benefits, the credits will remain on your Social Security record. If you return to work later, more credits may be added.

Does West Virginia tax your Social Security? ›

There's help for retirees, though. Starting in 2022, Social Security benefits taxed by the federal government are completely excluded from West Virginia's income tax for single taxpayers with federal adjusted gross income of $50,000 or less and joint filers with a federal AGI of $100,000 or less.

Do you have to pay taxes on your vehicle every year in West Virginia? ›

“Every West Virginian who owns a vehicle knows that in order to legally register your vehicle you must pay the property tax on it. The average in West Virginia is roughly $220 per vehicle per year, but can be significantly more than that based on the age and retail cost,” said Chamber President Steve Roberts.

Who qualifies for homestead exemption in WV? ›

You must have lived at your homestead for at least six (6) months. You must have been a resident of West Virginia for the 2 consecutive calendar years prior to your application. You must be 65 years of age on or before June 30th of the next year.

What is the safest city in West Virginia to live? ›

West Virginia's #3 safest city is Morgantown, the county seat of Monongalia County picturesquely located on the Monongahela River.
...
Safest Cities in West Virginia, 2019.
RankCitySafety Index
1St. Albans0.77
2Weirton0.5
3Morgantown0.4
4Fairmont0.05
9 more rows

What are the best small towns to live in West Virginia? ›

West Virginia small towns are full of adventure, fantastic food, great entertainment and friendly people.
...
8 towns that will make you want to move to West Virginia
  • Berkeley Springs. ...
  • Elkins. ...
  • Buckhannon. ...
  • Ripley. ...
  • Shepherdstown. ...
  • White Sulphur Springs. ...
  • Point Pleasant. ...
  • Kingwood.
20 Jul 2020

Where is the cheapest place to live near West Virginia? ›

Parkersburg

The title of most affordable city in West Virginia goes to Parkersburg. Located along the Ohio-West Virginia border, Parkersburg also ranks as the fourth largest city in the state. Enjoy exploring historic sites downtown or romping in the parks along the Ohio River.

Is West Virginia friendly to retirees? ›

West Virginia is tax-friendly toward retirees. Social Security income is partially taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

Is West Virginia good for retirees? ›

This beautiful state is also known for its extensive military history. Those wanting a good mix of the outdoors, history, and affordability will love West Virginia. NewHomeSource has named the top 10 cities for retirees in West Virginia.

What is the coolest small town in West Virginia? ›

Best Small Towns in West Virginia
  • Hinton.
  • White Sulphur Springs.
  • Elkins.
  • New Martinsville.
  • Wheeling.
  • Harpers Ferry.
  • Shepherdstown.
  • Lewisburg.

What is the 3 rule in retirement? ›

That's partly why today's financial advisors are telling people to plan for a 3% withdrawal rate. This advice follows the idea of "Hope for the best, plan for the worst." Plan your necessary expenses at 3%. If stocks tumble, and you're forced to withdraw 4% to cover your bills, you'll still be safe.

What is the 59 1/2 Rule of retirement? ›

In order to guarantee that the benefits of IRAs are used solely for retirement, the IRS imposes age limits on these accounts. Unless users are willing to incur a 10% penalty, IRA assets are not accessible until age 59 and a half.

What is the 60 40 rule for retirement? ›

Retirement planners typically tell Americans to invest 60% of their retirement funds in stocks and 40% in bonds. But that time-tested strategy fell apart this year as poor performance in many financial markets wiped out many workers' savings.

How much should a retired person have in cash? ›

Emergency Funds for Retirees

Despite the ability to access retirement accounts, many experts recommend that retirees keep enough cash on hand to cover between six and twelve months of daily living expenses. Some even suggest keeping up to three years' worth of living expenses in cash.

What is the 55 rule? ›

The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employer's retirement plan once they've reached age 55.

What is double dipping retirement? ›

Simply put, “double dipping” is a method of collecting your benefits in which you withdraw both your personal benefits and your spouse's benefits at different points. To do so, when the person files for benefits, they must file for their spouse's benefits specifically.

How often do WV state employees get raises? ›

Employees who have three or more years of qualifying service receive annual increment pay in recognition of the value of their past and present service. The annual increment amount is $60 for each full year of qualifying service and is paid in July of each year.

What is the average yearly raise for 2022? ›

According to our extensive research: The average annual raise in the US is 7.6% as of 2022. The average salary increase when changing jobs is 14.8%, while wage growth is 5.8% for those who remain at their job.

How much is a 5 percent raise? ›

An employee's current annual salary is $50,000, and she earns a $2,500 raise, her annual salary will increase to $52,500. Divide $2,500 by $50,000 and the result is 0.05, which is 5 percent (2,500/50,000 = 0.05).

Are TRS retirees getting a 13th check? ›

The checks should be in an amount either equal to their regular annuity payment or $2,400, whichever is less. Members who retired before the end of 2020 or beneficiaries of a member who died before the end of 2020 are eligible.

Will retirees get a pay raise? ›

The COLA will increase 8.7% for 2023, the Social Security Administration announced on Oct. 13. But not all federal retirees will see that amount added to their checks. Those in the Federal Employee Retirement System (FERS) will receive a 7.7% COLA starting in January.

Are retirees getting a raise this year? ›

“While CSRS annuities and Social Security benefits will be going up 8.7%, the January 2023 COLA unfortunately will be 7.7% for those who retired under the Federal Employees Retirement System,” said Ken Thomas, national president of the National Active and Retired Federal Employees Association.

Are retirees getting a raise? ›

The Social Security Administration on Thursday announced an 8.7 percent increase in benefit checks for seniors starting next year, a response to the fastest U.S. inflation in four decades.

Can you take TRS and Social Security? ›

Yes. You will not lose your spousal Social Security benefits as long as you maintain your status as a retiree under TRS.

Will my TRS affect my Social Security benefits? ›

​​​​​​​​​​​​​​​​​In some instances, the calculation of your Social Security benefits may be affected by the TRS benefits that you receive.

Will TRS reduce my Social Security? ›

The GPO can reduce the social security spousal benefits a teacher could receive by up to two thirds of their TRS pension amount. For example, a teacher with a TRS pension of $600 will result in a $400 reduction of the Social Security spousal benefit (2/3 of $600=$400).

Will government retirees get a raise in 2022? ›

In 2022, the COLA for CSRS retirees was 5.9 percent and 4.9 percent for those under the FERS retirement system. An 8.7 percent 2023 COLA will also be issued to those receiving Social Security benefits. Beneficiaries will see the new COLA increases in January 2023.

Are retirees getting a raise in 2023? ›

1. Cost of living adjustment (COLA) rises. The SSA has announced that benefit checks will rise 8.7 percent in 2023, a substantial increase even from the 5.9 percent adjustment for 2022, which was already unusually high. In fact, the 2023 COLA is the highest increase since 1981, when it was 11.2 percent.

Will seniors get extra money this month 2022? ›

A 10 per cent increase to the Old Age Security (OAS) pension for seniors 75 years and older, which began in July 2022, and will provide more than $800 in new support to full pensioners over the first year, and increase benefits for more than three million seniors.

Is Social Security giving extra money this month 2022? ›

The latest COLA is 8.7 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 8.7 percent beginning with the December 2022 benefits, which are payable in January 2023. Federal SSI payment levels will also increase by 8.7 percent effective for payments made for January 2023.

What happens if Social Security is not enough to live on? ›

Other options ... While you have to be extremely low income to qualify, some retirees will be eligible for the Supplemental Security Income program, a means-tested program for those over the age of 65 or with a disability.

Can I draw my own Social Security and then switch to spousal benefit? ›

Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.

Is there a maximum Social Security benefit? ›

The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2022, your maximum benefit would be $3,345. However, if you retire at age 62 in 2022, your maximum benefit would be $2,364. If you retire at age 70 in 2022, your maximum benefit would be $4,194.

How Much Will SSI checks be in 2023? ›

The monthly maximum Federal amounts for 2023 are $914 for an eligible individual, $1,371 for an eligible individual with an eligible spouse, and $458 for an essential person.

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