How Much Social Security Will I Draw At 62

The age at which you file for Social Security benefits will take a major touch on the amount you lot receive each calendar month. While you tin receive larger monthly payments by delaying benefits, many workers cull to file as early as possible at age 62. That can be a smart strategy in many cases, and there are several advantages to claiming early.

You can nevertheless earn a substantial amount in benefits by claiming early, too. In 2022, the maximum you tin can collect past filing at age 62 is $ii,364 per month -- which is significantly higher than the $1,557 per month boilerplate benefit amount. Hither'southward what information technology takes to achieve the maximum monthly payments.

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How the length of your career affects your benefits

1 of the about of import factors when it comes to your benefit amount is the number of years you've worked. Most people get eligible for Social Security retirement benefits once they've earned income for 10 years, but you'll need to work for at least 35 years to receive the maximum do good amount.

When computing the amount you lot'll receive, the Social Security Administration takes an average of your wages throughout the 35 highest-earning years of your career. That number is then adjusted for inflation, and the issue is the amount you'll collect if y'all claim at your full retirement age (FRA).

If you work more than than 35 years, only the years with the highest earnings will be counted -- which could increase your boilerplate and result in a higher do good amount. If you work fewer than 35 years, yet, you'll have zeros added to the equation, which volition bring downward your average.

How much you lot'll have to earn to reach the maximum do good corporeality

Your income is some other crucial factor in reaching the highest benefit amount. The more you're earning, the more you'll exist eligible to collect in benefits -- upward to a certain bespeak.

Once y'all surpass the maximum taxable earnings limit (which is the highest income that'due south discipline to Social Security taxes), a higher income won't event in additional benefits. To earn this maximum benefit corporeality, then, you'll need to reach the maximum taxable earnings limit.

This limit changes from year to year to business relationship for inflation. This year, the limit is $142,800 per yr, just in 2022, it will increase to $147,000 per year. If your goal is to collect the maximum $2,364 per month at age 62, you'll need to exist reaching these limits consistently throughout your career.

What if your earnings are falling short?

If you lot're earning enough to reach the maximum benefit amount, that'south fantastic. But the average worker will struggle to reach the income limits, and not everyone can afford to work 35 years before claiming.

The skilful news is that if you're willing and able to filibuster benefits by age 62, you can earn closer to the maximum do good amount.

Say, for example, you have an FRA of 67 years old, and past challenge at that age, you could receive $1,600 per month. If you were to claim early at 62, your benefits would be reduced by 30%, leaving y'all with $1,120 per month. But if y'all delay benefits until age 70, you lot'd receive your full benefit amount plus an extra 24%, or $1,984 per calendar month.

Not anybody will exist able to look until age 70 to file for benefits. Merely if you're unable to reach the maximum benefit corporeality, delaying Social Security is one of the best and easiest ways to boost your benefits.