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The average age at which the majority of people can begin receiving Social Security retirement benefits is 2662, but those payments are typically reduced because the majority of people aren’t entitled to all of their benefits until 2667. Individuals who postpone retirement until after 2070 can still collect 20124% of their benefits.
Delayed Retirement and Your Full Retirement Age
The full retirement age (FRA) is the age at which you are eligible to receive 100% of your Social Security retirement benefits. For individuals born between 1943 and 1954, the FRA is 66. If you choose to delay receiving benefits beyond your FRA, your monthly benefit will increase.
How Delayed Retirement Affects Your Benefit
The table below shows how delaying retirement affects your Social Security benefit:
| Age at which you start receiving benefits | Benefit multiplier |
|---|---|
| 66 | 100% |
| 67 | 108% |
| 68 | 116% |
| 69 | 124% |
| 70 or later | 132% |
As you can see, your benefit increases by a certain percentage for each month you delay receiving benefits after your FRA. The maximum increase you can receive is 132%, which is achieved by delaying retirement until age 70 or later.
Example
Let’s say your full retirement age is 66 and your monthly benefit at that age is $1,000. If you delay receiving benefits until age 67, your monthly benefit would increase to $1,080 (100% + 8%). If you delay receiving benefits until age 70, your monthly benefit would increase to $1,320 (100% + 32%).
Maximum Social Security Retirement Benefit
The maximum Social Security retirement benefit payable depends on the age at which you retire. For example, if you retire at your FRA in 2024, the maximum benefit would be $3,822. However, if you retire at age 62 in 2024, the maximum benefit would be $2,710. If you retire at age 70 in 2024, the maximum benefit would be $4,873.
Delaying retirement can significantly increase your Social Security retirement benefits. However, it is important to consider your individual circumstances and financial needs before making a decision. If you are unsure about whether or not to delay retirement, it is a good idea to consult with a financial advisor.
When it might make sense to take Social Security at 62
- You need the money now.
- You don’t anticipate living past your break-even point, or you have health conditions that could reduce your life expectancy.
- Your employer has granted you early retirement, with benefits ending at age 62.
- If you have eligible spouse or dependent children, they can receive a monthly benefit equal to half of your total retirement amount, but they can’t start getting it until you start getting your own retirement payments. gov . What Is The Best Age To Start Your Benefits?. Accessed Sep 6, 2023. View all sources.
- When you turn sixty-two, you want to apply for survivors benefits on someone else’s record. When you reach full retirement age, you want to switch to your own Social Security retirement benefits.
How much Social Security will you get at 67?
As per the latest data available from the Social Security Administration, retired workers at the age of 67 receive an average monthly benefit of $1,844. 83.
The Amount of Your Social Security Benefit if You Work Past 70
FAQ
Does Social Security increase at age 72?
How do you get the $16728 Social Security bonus?
At what age can you get 100 percent Social Security?
Does Social Security pay more at age 70?
Can I get Social Security benefits if I’m 70?
Retirement is not one-size-fits-all, and it can mean different things to different people. Because you are age 70 or older, you should apply for your Social Security benefits. You can receive benefits even if you still work. Waiting beyond age 70 will not increase your benefits. You can claim your retirement benefits now.
How much Social Security benefits do you get if you retire at 62?
However, the Social Security Administration reduces benefits by 30% for people who retire at 62, meaning they receive just 70% of their full retirement benefit each month for life. For people born in 1960 or later, full retirement age is 67. This is the age at which you are entitled to 100% of your Social Security retirement benefit
How much social security does a 70 year old get?
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 70 was $1,963.48. People who retire at age 70 typically receive 124% of their full benefit. You have other sources of income and don’t need your benefits before 70. You expect to live a long time.
How much Social Security benefits does a 67 year old get?
According to the most recent data from the Social Security Administration, the average monthly benefit for retired workers at age 67 is $1,844.83. Someone who files for retirement at age 67 typically receives 100% of their full benefit. You plan to continue working while receiving benefits.