Retiring at 70? Here's the Maximum You Can Collect in Social Security Income


There’s no perfect age to begin collecting Social Security, but many people are waiting until age 70 because of benefit-boosting, delayed retirement credits. If you’re filing for Social Security at age 70 this year, then those credits are going to result in a monthly Social Security payment that’s a lot bigger than if you filed when you were younger.

How much bigger? The maximum Social Security benefit at age 62 is $2,324 in 2021 but swells to $3,895 per month if you’re retiring at age 70 this year. That’s 67.5% more in monthly retirement income.

Granted, not many people qualify for the maximum Social Security amount. Social Security benefits are based on pre-retirement income, and qualifying for the biggest payment requires a 35-year track record of income above the annual payroll tax limit, which is $142,800 in 2021. Nevertheless, delayed retirement credits increase benefits by a fixed percentage for each month you delay, so you’ll still pocket considerably more income by delaying than you will if you claim early.

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