Is there a maximum monthly benefit amount? Was this maximum reduced in 2016? I was told by a social security representative that my benefit was reduced by $300.00 yr. in 2016, since the maximum monthly payout was reduced this year. I am waiting, struggling to collect my benefits until 70, and never expected to receive less benefits by enduring this struggle. I am not wealthy and social security is all I will have to retire.
Is this true?