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Your claiming age can shift the Social Security payout scale more than any other factor. ... Age 66. Age 67. Age 68. Age 69. Age 70. 1943-1954. 75%. ... a pen, and a calculator set atop a Social ...
Data source: Social Security Administration. Despite earning similar salaries throughout their careers, someone turning 70 in 2025 could receive a benefit that's over 80% higher per month than ...
Even if you're in line for the maximum possible benefit, you might be surprised at how much more you can get by waiting.
Image source: The Motley Fool. The maximum Social Security benefits at ages 62, 67, and 70. Ages 62, 67, and 70 are key ages in Social Security. Age 62 is important because it's the earliest you ...
As you can see, the 70-year-old claiming the maximum benefit in 2024 receives $58,476 in annual income from Social Security alone. The 62-year-old brings in just $32,520.
Know, though, that the average benefit for those aged 70 was $1,963 as of December 2022, as per the most recent data provided by the Social Security Administration. That's about $23,500 per year ...
The Average Indexed Monthly Earnings (AIME) is used in the United States' Social Security system to calculate the Primary Insurance Amount which decides the value of benefits paid under Title II of the Social Security Act under the 1978 New Start Method. Specifically, Average Indexed Monthly Earnings is an average of monthly income received by ...
Here's the salary you need if you want the maximum Social Security benefit ... which will range between 66 and 67, depending on when you were born. ... there are also potential tax benefits to ...