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Any earnings above that amount won't incur Social Security taxes, but they also won't count toward your earnings history. ... Retirement Age. 62. 66. 67. 70. Maximum monthly benefit in 2024 ...
This could quickly become the most-popular of all claiming ages, given that age 67 is the full retirement age for anyone born in or after 1960 (i.e., most of today's workforce).
That's because you won't pay any Social Security taxes on income above that limit. For 2024, the limit is $168,600. ... Retirement Age. 62. 67. 70. Maximum Monthly Benefit. $2,710. $3,911.
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
For most people reading this (those born in 1960 or later), full retirement age for the purpose of Social Security benefits is 67 years old. The short answer is that the average 67-year-old ...
Data source: Social Security Administration. Chart by author. Here's the maximum possible 2025 Social Security benefit at 62, 67, and 70. Earning a high salary throughout your career is just one ...
The significance of age 67 is that it's considered to be full Social Security retirement age for most Americans. ... Full Social Security Retirement Age. 1960. 67. 1959. 66 years, 10 months. 1958 ...
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 ...
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