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Claim Up to $4,873 Monthly & $58,476 Annually: Maximize Social Security Benefits by Age 70 – Check Qualification!

Maximize Social Security: Earn $4,873 Monthly by Claiming at Age 70

Claim Social Security at Age 70 for $58,476 Annually and $4,873 Monthly

According to Yahoo Finance, For many retirees making the most of Social Security benefits is important because nearly half of families made by someone 65 or older get more than half of their income from Social Security. It is crucial that you know how to maximize these advantages. Your lifetime earnings and the age at which you start receiving benefits are the two main variables that determine your Social Security payments. Even if you have a high salary during your career the age at which you begin receiving Social Security benefits has a big influence on how much you get paid each month. You must continue to earn a high income for at least 35 years in order to receive the maximum Social Security payment. Your primary insurance amount is determined by averaging your monthly income over the last 35 years of employment. Beginning benefits before reaching full retirement age results in lower payments while waiting to claim leads to increased advantages.

For 2024 the contribution and benefit base is $168,600. You need to earn more than this amount for 35 years to qualify for the maximum benefit. Only about 6% of workers exceed this base in any given year and even fewer do so consistently over 35 years. Here’s how the maximum monthly Social Security benefit looks in 2024 at different claiming ages:

  • At age 62: $2,710
  • At age 66: $3,652
  • At age 70: $4,873

Delaying benefits until age 70 means a 70-year-old can receive $58,476 annually while a 62-year-old receives $32,520. The larger benefit at age 70 can make a significant difference potentially covering more of your expenses. Many retirees may be tempted to claim early to avoid dipping into their savings. However, waiting until age 70 offers a guaranteed 7.4% annual return adjusted for inflation. By comparison the stock market offers a 6.5% real total return which is not guaranteed. Therefore, delaying Social Security is often a better investment.

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Claim Up to $4,873 Monthly & $58,476 Annually: Maximize Social Security Benefits by Age 70 – Check Qualification! (PHOTO: Yahoo Finance)

Delay Social Security Until Age 70 for Maximum Lifetime Income

Furthermore, There are some downsides to delaying, such as not being able to pass on benefits to heirs and the risk of not living long enough to benefit from the delay. However, studies show that most retirees would benefit from waiting until age 70 to claim. The CDC’s life expectancy data and studies from United Income and the National Bureau of Economic Research suggest delaying benefits maximizes lifetime income for most retirees. In conclusion, if you can afford to wait delaying Social Security benefits until age 70 is often the best strategy for maximizing your retirement income.

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