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That discrepancy is magnified when comparing the maximum possible Social Security benefit at ages 62 and 70. ... benefit looks like at each age in 2024 and 2025. ... benefit for the 70-year-old is ...
As you can see, the 70-year-old claiming the maximum benefit in 2024 receives $58,476 in annual income from Social Security alone. The 62-year-old brings in just $32,520.
Data source: Social Security Administration. What's the average Social Security benefit at ages 62, 67, and 70? Although every age within the traditional collection range of 62 through 70 has its ...
Table source: Social Security Administration. As you can see, there's a stark difference in the monthly income depending on the age you claim. A 70-year-old can receive up to $58,476 this year ...
The Social Security benefit awarded to a retired worker depends on two things: Lifetime income and claiming age. First, lifetime income is used to calculate the primary insurance amount (PIA).
Image source: The Motley Fool. The maximum Social Security benefits at ages 62, 67, and 70. Ages 62, 67, and 70 are key ages in Social Security. Age 62 is important because it's the earliest you ...