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The advantage of an age 70 claim is that you're guaranteed to maximize your monthly benefit, which will be between 24% and 32% more than what you would have received at your full retirement age ...
Conversely, collecting at age 62 can permanently reduce monthly payouts by 25% to 30%, as well as expose beneficiaries to other penalties for filing early, such as the retirement earnings test ...
How to estimate your benefits at full retirement age. The Social Security Administration calculates your monthly benefit based on your highest 35 years of earnings.
The full retirement age (FRA) for Social Security is the age at which you are entitled to your full monthly payment based on your career earnings record. The FRA for nearly all new applicants is ...
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.
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually. Of course, if you've earned ...