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Data source: Social Security Administration. Here's the maximum possible Social Security benefit at ages 62, 66, 67, and 70. Determining the best age to claim Social Security will come down to ...
Age 67 is key because it's the full retirement age for most new Social Security claimers. Some folks born before 1960 may be waiting to claim benefits and have an earlier full retirement age, but ...
According to 2023 data from the Social Security Administration, the average benefit amount at age 62 is just $1,298 per month -- compared to around $1,884 per month at age 67.
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 ...
The Social Security Administration treats income before retirement age differently, depending on how close you are to your FRA: In the years before you reach FRA, the SSA deducts $1 for every $2 ...
Social Security benefits aren’t the only financial aspect that are affected by a retiree choosing to go back to work. There are other things, like 401(k)s and taxes, that should be considered.
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 ...
Earnings-test limit for early filers: If you claim Social Security benefits before reaching full retirement age (FRA) -- age 67 for those born in 1960 or later -- you'll see the earnings-test ...