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FAQs
If you have a personal my Social Security account, you can get an estimate of your future retirement benefits and see the effects of different retirement age scenarios. If you don't have a personal my Social Security account, create one at www.ssa.gov/myaccount.
How much your Social Security check will be if you make $100000 per year? ›
If your pay at retirement will be $100,000, your benefits will start at $2,026 each month, which equals $24,315 per year. And if your pay at retirement will be $125,000, your monthly benefits at the outset will be $2,407 for $28,889 yearly.
Is the Social Security benefit calculator accurate? ›
Online Benefits Calculator
These tools can be accurate but require access to your official earnings record in our database. The simplest way to do that is to create or sign in to your personal my Social Security account.
Is it better to collect Social Security at 62 or 67? ›
Key takeaways. If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.
At what age is Social Security no longer taxed? ›
Social Security tax FAQs
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
Is Social Security based on the last 5 years of work? ›
Social Security bases your retirement benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Then we calculate your average indexed monthly earnings from your highest 35 years of earnings.
What is the Social Security 5 year rule? ›
• If you become disabled before your full retirement age, you might qualify for Social Security disability benefits. You must have worked and paid Social Security taxes in five of the last 10 years.
What is the formula for calculating Social Security benefits? ›
Average Indexed Monthly Earnings (AIME)
After we determine the number of years, we choose those years with the highest indexed earnings, sum such indexed earnings, and divide the total amount by the total number of months in those years. We then round the resulting average amount down to the next lower dollar amount.
Do Social Security estimates assume you continue to work? ›
Unless you specify a retirement date that precedes the date when you reach age 62 (the earliest age at which you can receive retirement benefits), the calculator assumes you will have covered earnings up to the year in which you start receiving a benefit.
What is the highest Social Security check per month? ›
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. "Maximum benefits can be received by delaying the start of benefits until age 70 since benefits increase by about 8% for each year you delay beyond full retirement age.
The age you stop working can affect the amount of your Social Security retirement benefits. We base your retirement benefit on your highest 35 years of earnings and the age you start receiving benefits.
What is the average Social Security check at age 62? ›
According to the SSA's Office of the Actuary, retired-worker beneficiaries who were 62 years old in December 2023 received an average check of $1,298.26.
Can I draw Social Security at 62 and still work full time? ›
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
