How Much Will I Get From Social Security?
How Much Will I Get From Social Security
Your retirement benefit is based on your lifetime earnings in work in which you paid . Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits. For reference, the average Social Security retirement benefit in May 2022 was $1,668 a month. The — the most an individual retiree can get — is $3,345 a month for someone who files for Social Security in 2022 at (FRA), the age at which you qualify for 100 percent of the benefit calculated from your earnings history. FRA is 66 and 4 months for people born in 1956 and is gradually rising to 67 for those born in 1960 or later.
You’ll only know your own amount for sure , but there are ways to get a sense of it in advance. The quickest and easiest is to use AARP’s or check your online . The latter draws on your earnings record on file with the Social Security Administration; for the AARP calculator, you’ll need to provide your average annual income.
Both tools project what you could collect each month if you start Social Security at age 62, the earliest you can file for retirement benefits; at full retirement age; and at age 70. Between 62 and FRA, Social Security reduces your benefit for filing early; between FRA and 70, it as a reward for waiting.
For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70. The AARP tool can also give you figures for every age in between, gauge the effect on your benefits of continuing to work and help you budget for your retirement years.
You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises. Your actual benefit will vary, perhaps significantly, based on fluctuations in your earnings, , whether you after claiming benefits and .
How much Social Security will I get
How Much Will I Get From Social Security
Your retirement benefit is based on your lifetime earnings in work in which you paid . Higher income translates to a bigger benefit (up to a point — more on that below). The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits. For reference, the average Social Security retirement benefit in May 2022 was $1,668 a month. The — the most an individual retiree can get — is $3,345 a month for someone who files for Social Security in 2022 at (FRA), the age at which you qualify for 100 percent of the benefit calculated from your earnings history. FRA is 66 and 4 months for people born in 1956 and is gradually rising to 67 for those born in 1960 or later.
You’ll only know your own amount for sure , but there are ways to get a sense of it in advance. The quickest and easiest is to use AARP’s or check your online . The latter draws on your earnings record on file with the Social Security Administration; for the AARP calculator, you’ll need to provide your average annual income.
Both tools project what you could collect each month if you start Social Security at age 62, the earliest you can file for retirement benefits; at full retirement age; and at age 70. Between 62 and FRA, Social Security reduces your benefit for filing early; between FRA and 70, it as a reward for waiting.
For example, the AARP calculator estimates that a person born on Jan. 1, 1960, who has averaged a $50,000 annual income would get a monthly benefit of $1,338 if they file for Social Security at 62, $1,911 at full retirement age (in this case, 67), or $2,370 at 70. The AARP tool can also give you figures for every age in between, gauge the effect on your benefits of continuing to work and help you budget for your retirement years.
You can also get basic benefit estimates by calling the Social Security Administration at 800-772-1213. But remember, no matter where you get the numbers, they are estimates, not promises. Your actual benefit will vary, perhaps significantly, based on fluctuations in your earnings, , whether you after claiming benefits and .