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Social Security: How your benefits could differ

Social Security: How your benefits could differ

Social Security: How your benefits could differ

As you attempt to estimate the amount of money you will have in retirement, social security benefits are a part of the equation. Taking Social Security benefits can start anytime between age 62-70.

Before reaching full retirement age – which is 66 for those born between 1943-54 – the amount of benefit is less than 100 percent. After reaching full retirement age (find your full retirement age here), the Social Security benefit increases eight percent each year.

If a person had a full retirement age Social Security benefit of $1,000 monthly, this is the amount of money they would have earned to certain ages (this does not take into account inflation and cost of living adjustments):

AGE Annual Age 72 Age 75 Age 78 Age 80 Age 82 Age 85 Age 90
62 $9,000 $90,000 $117,000 $144,000 $162,000 $180,000 $207,000 $252,000
63 $9,600 $86,400 $115,200 $144,000 $163,200 $182,400 $211,200 $259,200
64 $10,320 $83,136 $114,312 $144,480 $165,912 $186,552 $217,728 $269,688
65 $11,196 $78,372 $111,960 $145,548 $167,940 $190,332 $223,920 $279,900
66 $12,000 $72,000 $108,000 $144,000 $168,000 $192,000 $228,000 $288,000
67 $12,960 $64,800 $103,680 $142,560 $168,480 $194,400 $233,280 $298,080
68 $13,920 $55,680 $97,440 $139,200 $167,040 $194,880 $236,640 $306,240
69 $14,880 $44,640 $89,280 $133,920 $163,680 $193,440 $238,080 $312,480
70 $15,840 $31,680 $79,200 $126,720 $158,400 $190,080 $237,600 $316,800

SOURCE: Retirement Planner: Full Retirement Age; SSA.org, 2018.

To learn more about Social Security benefits as part of your retirement preparation, find a OneAmerica financial professional near you.

 

Related Links

Social Security Agency's Life Expectancy Calculator

Understanding Social Security

Retirement Age Benchmarks

 

NOTE: Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice.

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