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Not only do you keep earning money later in life, but your Social Security benefits can also jump up to 32%. Use this benefit calculator to estimate your own future payments.
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.
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.
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 ...
If you're within 36 months of your full retirement age, Social Security reduces benefits by 5/9 of 1% each month. Each additional month after that further reduces benefits by 5/12 of 1%.
The Social Security Administration treats income before retirement age differently, depending on how close you are to your FRA: In the years before you reach FRA, the SSA deducts $1 for every $2 ...
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