When a retiree reaches the month of his or her 66th birthday, the earnings limit no longer applies and any amount can be earned without penalty. Maximum possible benefit grows. The maximum possible benefit a retiree can claim at full retirement age in 2014 is $2,642, up from $2,533 in 2013 and $2,513 in 2012. The announcement of the Social Security cost-of-living adjustment was delayed by two weeks due to the 16-day federal government shutdown that ended on October 16.