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b Retirement at age 65 is assumed to be at exact age 65 and 0 months. For retirement in 2003 and later, the monthly benefit is reduced for early retirement. (For people born before 1938, age 65 is the normal retirement age. Normal retirement age will gradually increase to age 67.)
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
About half of all retirees age 65 and older rely on Social Security for the majority of their income, according to data reviewed by the Social Security Administration.
The maximum Social Security benefit you can receive in 2024 ranges from $2,710 to $4,873 per month, depending on the age you retire.
The average Social Security retirement benefit at age 65 was $1,525 per month in June 2023. Benefits vary with earnings, age at retirement and other factors.
The most an individual who files a claim for Social Security retirement benefits in 2024 can receive per month is: $2,710 for someone who files at 62. $3,822 for someone who files at full retirement age (66 and 6 months for people born in 1957, 66 and 8 months for people born in 1958).
It works out to 8% annually and 24% total if your full retirement age is 67 and you delay benefits until 70 (they don't increase after that). The most important step is to be a high earner....
The maximum Social Security monthly benefit in 2024 is $4,873 for those who qualify and delay claiming until age 70. The max at full retirement age (66) is $3,822.
The highest Social Security retirement benefit for an individual starting benefits in 2024 is $4,873 per month, according to the Social Security administration.