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These four components are used to calculate your monthly Social Security check. ... given that age 67 is the full retirement age for anyone born in or after 1960 (i.e., most of today's workforce). ...
In addition, Nerd Wallet will also show you the difference if you took benefits at 67, otherwise known as the Full Retirement Age, when Social Security hits 100% payout.
How to estimate your benefits at full retirement age. The Social Security Administration calculates your monthly benefit based on your highest 35 years of earnings.
Only then can you fully comprehend the ramifications of your claiming age and what an early (age 62), middle-ground (age 66), or late (age 70) approach to claiming can have on your monthly Social ...
If you’re younger than full retirement age for all of 2024, the Social Security Administration will deduct $1 of your monthly check for every $2 you earn above $22,320 per year.
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).
Image source: Getty Images. Full retirement age, full benefit. As of the end of December 2023, the average monthly Social Security benefit for retired workers aged 67 was $1,883.50.
By claiming at the age of 62, a hypothetical $1000 retirement benefit would be reduced by 25% and you would only receive $750 per month. A $500 monthly spousal benefit would be reduced to $350.