Many of us could receive Social Security benefit after retirement. Have you ever thought of how much you can get when you retire? What is the maximum social security benefit?
When can you file for social security retirement benefits? Well, the earlist age is 62 with 10 years of work experience or 40 work credits. If you turn 62 in 2020 and file your social security retirement benefits, the maximum monthly payment you can receive is $2,265.
You can receive more if you wait longer. According to the regulation, if you file at full retirement age, you can have 100% of your benefits, the monthly payment will be $3,011 in this year. If you file at age 70, there will be a 8% bonus, that is $3,790 per month. Basically, the later you claim, the more you cna get each month.
Many factors will be taken into consideration while calculating the social security retirement benefits. For example, your 35 highest-paid years, the wages you get, the inflation rate, your age when you claim benefits and more.
It is up to you to decide when to claim your retirement benefits. Taking it earlier means that you have less monthly payments; however, it also means that you receive payments for a longer period of time. It is not sure how much you can receive in total. You should make your decision according to your own financial situation.
If you have a stable work or other source of income, you are more flexible. You can choose to retire earlier or wait until your full retire age.
If you need the social security benefits to make the ends meet, your choice is limited. You may want to continue working or do part-time job, wait until your full retirement age to maximize your monthly payment.
No matter how, you should think carefully before you claim your benefits.