Search results
Results from the WOW.Com Content Network
Retirement Age. 62. 66. 67. 70. Maximum monthly benefit in 2024. $2,710. $3,652. $3,911. ... In absolute terms, the maximum possible benefit for the 70-year-old is over $27,000 more per year. That ...
There's a huge difference in the maximum retirement benefit of someone claiming as soon as possible at age 62 and someone who waits until their benefits have completely maxed out at age 70.
Your maximum benefit if you file at age 70 – the age when extra benefits stop accruing – is $4,873 per month. Social Security reduces benefits as much as 30 percent for those filing at age 62.
On the flip side, delaying benefits past your full retirement age increases your monthly benefit by 2/3 of 1% monthly (8% annually), which is why age 70 is important.
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 ...
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.
An analysis from United Income in 2019 found that 57% of retirees would maximize their wealth by waiting to claim benefits until age 70. By comparison, just 6.5% of retirees would benefit from ...
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 ...