If you’re at the maximum taxable earnings limit and you retire in 2018,then the most you can receive in monthly benefits at age 62,65,and 70 is $2,158,$2,589,and $3,698,respectively. Data source: Social Security. Chart by author. Clearly,waiting to claim Social Security until you’re older pays off.
People also ask
How much will I receive in Social Security benefits at age 62?
At age 62, the earliest point at which most people can claim benefits, you鈥檒l receive around 70 percent of the amount that you would receive at your Full Retirement Age. If you were born in 1958, and your full benefit at retirement would be $1,000 a month, you would shrink your benefit to around $700 a month by retiring at age 62.
How much will my social security increase after I turn 66?
After your Full Retirement Age of 66 (or 67), your benefit goes up by eight percent each year. Consequently, if your full retirement benefit at age 66 was $1,000 per month, and you delay claiming your benefit, it will be $1,080 per month by age 67 or an additional $960 per year.
What is the earliest age you can collect Social Security benefits?
Starting Your Retirement Benefits Early. You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Should I claim my social security at my full retirement age?
Claiming at your Full Retirement Age will entitle you to your full benefit amount, but you can still wait to claim. If you wait further, you will garner delayed retirement benefits, which will increase your monthly benefit when you do start collecting. At Full Retirement Age you can work without any deductions from your benefit amount.