how much do i get for social security at age 62?
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For example, the AARP calculator estimates that a person born on Jan. 1, 1958, who has averaged a $50,000 annual income would get a monthly benefit of $1,499 if they file for Social Security at 62, $2,092 at full retirement age (in this case, 66 years and eight months), or $2,650 at 70.
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The maximum Social Security retirement benefit that can be collected at full retirement age is $2,788 per month in 2018, though few people are able to collect this amount.
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The maximum Social Security benefit in 2018 For an individual reaching this age in 2018, this would translate to a 32% increase in their monthly benefit, which translates to a maximum possible monthly Social Security retirement benefit of $3,680, or $44,162 per year.
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How big can a spousal benefit be? The maximum Social Security benefit for someone retiring in 2018 at full retirement age is $2,788 per month.
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Special Rule as You Approach Full Retirement Age If you will reach full retirement age in 2020, you can earn up to $4,0 per month without losing any of your benefits, up until the month you turn 66. But for every $3 you earn over that amount in any month, you will lose $1 in Social Security benefits.
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It's relatively unusual to claim Social Security payments at age 63. ... Monthly Social Security payments are reduced if you sign up at age 63, but by less than if you claim payments at age 62. A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut.
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You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
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You can find your full retirement age at www.ssa.gov/ planners/retire/retirechart. html. You're eligible for cost-of-living benefit increases starting with the year you become age 62. This is true even if you don't get benefits until your full retirement age or even age 70.
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Children may receive up to half of a parent's full retirement Social Security benefit. In general, the total amount a retiree and his or her family may receive is between 150 and 180 percent of the total retirement benefit.
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En español | The most an individual who files a claim for Social Security retirement benefits in 2020 can receive per month is: $3,790 for someone who files at age 70. $3,011 for someone who files at full retirement age (currently 66). $2,265 for someone who files at 62.
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The benefit you receive at 62 is 70% of your primary insurance amount, and goes up to 100% on a monthly basis until full retirement age. If you want or can afford to delay your SS benefit, it will increase by 2/3rds of 1% for each month you delay retirement (8% per year) up to age 70.
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Receiving Social Security Income While Working. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). 7﻿ ﻿Starting with the month you attain full retirement age, your benefits will no longer be reduced.
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But many retirees receive over $2,000 per month from the Social Security Administration, and payments could be as much as $3,770 in 2019. The maximum possible Social Security benefit in 2019 depends on the age you begin to collect payments and is: $2,209 at age 62. $2,861 at age 66.
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Consider the Average Social Security Payment The maximum possible Social Security benefit for someone who retires at full retirement age is $3,011 in 2020. However, a worker would need to earn the maximum taxable amount, currently $137,700 for 2020, over a 35-year career to get this Social Security payment.
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That's too tidy to be realistic, but it gives you a good baseline from which you can make personal adjustments. Therefore, if you retire at full retirement age, which is 66 and two months for someone turning 62 next year, then you'll get about $1,030 as your monthly benefit.
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When it comes to Social Security for the year 2020, the full retirement age is 66 and 2 months. For most people reading this, your full retirement age will likely be closer to 67. That being said, the maximum Social Security benefit for someone at full retirement age in 2020 is $3,011 per month.
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If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.