Social Security benefits increase as you get older, so waiting until age 70 means you’ll likely receive a bigger monthly check compared to claiming at 62. A study found that very few retirees actually maximize their lifetime income by claiming Social Security before age 66. While the decision of when to claim benefits depends on individual circumstances, it’s important to understand how your claiming age affects your overall benefits.
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Unlocking Your Social Security Benefits: Maximize Your Retirement Income with the Perfect Claiming Age Strategy!
How Your Social Security Claiming Age Impacts Monthly Benefits – From $1,300 at 62 to $2,000 at 70!
The average monthly benefit for retired workers varies depending on their age when they start claiming. For instance, at age 62, the average benefit is about $1,300 per month, while at age 70, it’s around $2,000. This increase is because Social Security payouts generally go up as you age.
Your Social Security benefit is calculated based on your lifetime earnings and when you choose to start receiving benefits. First, the Social Security Administration calculates your primary insurance amount (PIA) based on your highest-earning years. Then, they adjust this amount depending on when you start claiming benefits.
Claiming benefits before your full retirement age (which is typically between 66 and 67) means you’ll receive less than your PIA, while claiming after it means you’ll get more. However, you can’t claim benefits before age 62 or after age 70.
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For example, if someone born in 1960 with a PIA of $1,000 per month claims benefits at 62, they’ll receive $700 per month. But if they wait until age 70, they’ll get $1,240 per month, a significant increase. This means they’ll get an extra $540 per month by waiting.
Understanding these factors can help retirees make informed decisions about when to start claiming Social Security benefits, potentially increasing their retirement income significantly.