However, if he retires at age 70, he'd receive 124% of his benefit because of delayed retirement credits, or $1,240 per month. If Rick claims at age 62, he'd only receive 70% of his full retirement age benefit, or $700 per month. Then, you can delay collecting benefits until age 70 to benefit from delayed retirement credits.įor instance, let's say Rick has a full retirement age of 67 and he qualifies for a full retirement benefit of $1,000. If you want to receive the biggest monthly check possible from Social Security, then you'll need to maximize your earnings while you're working so that your AIME is as high as possible. If you claim earlier than that, your benefit check will be reduced, but if you claim later than that, you'll get a bonus equal to 8% per year you delay.Ī chart showing that most people receive between $700 and $1,800 per month in Social Security benefits.ĭata source: Social Security Administration. You'll only receive 100% of your benefit amount, however, if you claim at your full retirement age. Once you've accumulated the credits you need, you can begin collecting benefits as young as age 62 or wait as late as age 70. To qualify for Social Security, you need to accumulate 40 work credits, which works out to about 10 years of work. Read on to find out more about the maximum you can collect in Social Security at different ages next year and steps you can take to maximize your own benefit. Your chances of qualifying for that much in Social Security, though, are pretty slim. In 2018, new retirees could pocket as much as $3,698 per month, but in 2019, they'll be able to collect up to $3,770 per month. Social Security has announced changes for 2019 that include an increase to the maximum Social Security benefit payable to recipients who retire next year.
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