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Topic: Retirement / What am I working for?
(Read 8668 times)

847badgerfan · « **Reply #308 on:** **Today** at 09:06:07 AM »

Quote from: Cincydawg on Today at 07:36:23 AM

Here's how the maximum monthly benefit looks at 62, 67, and 70 in 2024.
[th]Retirement Age[/th]
[th]62[/th]
[th]67[/th]
[th]70[/th]

Maximum Monthly Benefit
$2,710
$3,911
$4,873

Data source: Social Security Administration.
As you can see, it pays to wait when you've already earned enough in your career to maximize your monthly Social Security benefit. Those who are 70 can collect up to $4,873 in monthly benefits this year, or $58,476. That's enough to replace the median income in the U.S. Those who are 62, by comparison, will take home just $32,520 in annual Social Security income. They'll very likely need to supplement that with other savings.

I'll be 62 in January 2029. 70 in January 2037.

I think I'll start early.

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Topic: Retirement / What am I working for?

847badgerfan

Re: Retirement / What am I working for?