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As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
If you’re younger than full retirement age for all of 2024, the Social Security Administration will deduct $1 of your monthly check for every $2 you earn above $22,320 per year.
In the middle of that eight-year window is your full retirement age (FRA), otherwise known as the age when you can claim your complete monthly Social Security benefit without a reduction. FRA is ...
You can start drawing Social Security at age 62. Social Security Schedule: When August 2022 Benefits Will Be Sent Social Security: New Bill Could Give Seniors an Extra $2,400 a Year
The year you reach full retirement age: the earnings limit is $56,520 but only earnings up to the month before you reach full retirement age are counted; you will be deducted $1 for every $3 you ...
Birth year. Full retirement age. 1943–1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months. 1960 or later
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