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Data source: Social Security Administration. Even though the 70-year-old and the 62-year-old earned comparable salaries throughout their careers, the 70-year-old ends up receiving a monthly ...
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.
Even if you're in line for the maximum possible benefit, you might be surprised at how much more you can get by waiting.
To be eligible for the maximum monthly benefit, you must earn at least the wage base limit in each of the 35 years that Social Security uses to calculate your benefit amount. For perspective ...
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 ...
Read on to see the maximum retired-worker benefit at ages 62, 66, 67, and 70 -- and what it takes to get the biggest Social Security payout. A Social Security card with U.S. currency and a U.S ...
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 ...
Table source: Social Security Administration. As you can see, there's a stark difference in the monthly income depending on the age you claim. A 70-year-old can receive up to $58,476 this year ...