There is no official retirement age in the United States, and there is no single age for receiving Social Security. Because of this, you may decide to push yourself to work until age 70 and sign up for Social Security at that time.
Doing so can result in a very generous monthly benefit. That's true whether or not you're in line for Social Security's maximum monthly benefit.
You can enjoy a good salary
Based on your personal income history, you are entitled to receive your full monthly Social Security benefit Full retirement age (FRA) is coming. That age could be 66, 67, or somewhere in between, depending on your year of birth.
But every year you delay Social security If you file beyond FRA, your monthly benefit will increase by 8%. If it isn't clear, that boost is a permanent one for you to enjoy.
Meanwhile, if you file for Social Security at age 70 this year, that's the maximum monthly benefit you can collect $4,873. However, to receive $4,873 a month from Social Security, you must have worked for 35 years And He was highly paid at that time. And “excessive” means wages that have reached or exceeded the Social Security wage threshold for 35 years.
Social Security is largely funded by payroll taxes. But workers don't pay taxes on all their income. Instead, a wage threshold is established each year, which is the amount of earnings at which workers pay those taxes.
This year, that limit is $168,600. Last year, it was $160,200. Because the wage threshold rises with inflation over the years, there may be years when you earned less than $160,200 or $168,600 and still be in line for Social Security's maximum monthly benefit this year.
However, to qualify for that benefit, your earnings must be very high throughout your life. If not, you may not see the $4,873 monthly salary even if your Social Security filing is delayed until 70.
That means you could still be in line for a handsome monthly benefit. A monthly payday of $3,873, or even $3,000, for that matter, could do a world of good for your retirement fund.
Delaying your filing can be beneficial
If you approach the FRA and claim Social Security, it may pay Work for a while Your filing is delayed until your 70th birthday. This may be a very smart move if you're not confident about the money you've saved for retirement and you know you'll need Social Security to cover most of your senior living expenses.
You can increase your monthly benefit by delaying your Social Security filing until age 70, fighting for a promotion, fighting for a raise at work, or by adding to your total earnings and trying to increase your wages toward the end of your career. Side hustle.
Either way, there's a lot to be gained by claiming Social Security at age 70. And this is true even if you are not in line for the maximum monthly payment of this plan.
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