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In absolute terms, the maximum possible benefit for the 70-year-old is over $27,000 more per year. That's enough to cover a lot of living expenses or to add some nice vacation time each 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 ...
A 35-year work history alone won’t score you Social Security’s maximum monthly benefit. You’ll also need 35 years of wages that meet or exceed the program’s annual wage cap.
Data source: Social Security Administration. Chart by author. Despite earning comparable salaries throughout their careers, the 70-year-old person can receive a monthly benefit 80% higher than ...
Year. Average Monthly Benefit Among Retired Workers. Maximum Monthly Benefit at Full Retirement Age. 2014. $1,294. $2,642. 2015. $1,329. $2,663. 2016. $1,342. $2,639
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.
Benefits have increased by 2.5% as of January, according to the Social Security Administration (SSA), which bumps up retirement benefits by an average of roughly $50 each month. Don't miss
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 ...