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The Social Security Administration calculates an individual’s benefit amount by considering an individual’s lifetime earnings and then adjusting actual earnings to account for changes in the ...
According to 2023 data from the Social Security Administration, the average benefit amount at age 62 is just $1,298 per month -- compared to around $1,884 per month at age 67.
When you retire and start collecting Social Security benefits, ... of money you earned ... it takes into account when figuring your benefit. In 2022 the cap is $147,000 a year, though that figure ...
Next year's Social Security-taxable ceiling stands at $176,100, up from this year's $168,000. The table below lays out all the maximum taxable thresholds going back a few decades. Year
The maximum possible benefit in 2025 will be $5,108 per month, and that amount will climb every year going forward thanks to the annual cost-of-living adjustment, or COLA, baked into Social Security.
Social Security reduces benefits as much as 30 percent for those filing at age 62. On the other hand, it increases benefits by 8 percent for each year after full retirement age that you delay filing.
Social Security benefits equal a percentage of inflation-adjusted earnings in the 35 years your income was highest. A wage base limit applies each year, though.
Of course, Social Security's maximum monthly benefit has also grown in step with inflation. In 1974, the most anyone could possibly collect from the program was only a few hundred bucks per month ...