Retirees at age 70 receive $4,555 per month.
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Social security payments have become an important source after retirement and depending on the retirement age will be the amount received, this is a good way to avoid spending your savings and feel secure about the future.
There are many ways to make the monthly payments grow to the maximum amount, among them may be to avoid penalties for early withdrawals, as well as a great benefit is to delay the retirement age.
The Social Security Administration indicates that beneficiaries are assigned an FRA depending on their year of birth, this is the full retirement age. Therefore, for those who were born for example; in 1960 or years later, The appropriate age for retirement is between 65 and 67 years.
Penalties for early retirement
Of course, beneficiaries can claim their payments before the assigned retirement date; however, doing so can result in penalties, which can reduce your monthly checks by up to 30%.
Now, if you claim benefits at the right age, your monthly payments will be with the standard amounts in this case for retirees at age 62 is $2,572 dollars, and for those of 67 years of $3,627 dollars.
The agency points out that if the withdrawal is made after the FRA, the amount of the monthly checks increases up to 8% annually, for each year of delay, currently retirees at age 70 earn the highest payment at $4,555 a month.
How to increase the payment by $1,983 dollars?
If the retiree avoids presenting an early withdrawal and also extends his retirement age to the maximum, these actions will have a positive impact on his monthly checks, that is, if you wait until age 70 to retire, Social Security sends an additional $1,983 each month.
Unfortunately, this measure is not for everyone, since that applies only to maximum benefits, plus Social Security taxes are also assessed on income, which for 2023 is $160,200. Hence, if you do not earn more than this amount in at least 35 years you will not be eligible for the maximum benefit at any age.
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2023-08-01 19:43:54
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