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What will be my maximum Social Security if I retire at age 67?

The Retirement Age determines the maximum amount you can earn per month from your Social Security retirement benefit

by Abraham Quirós Villalba
26/09/2022 10:26
in Money
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Social Security check amount you can collect at 62 in the USA

In the United States, when we talk about the Social Security retirement check, we are discussing the source of income for many people. Although no one should rely 100% on the retirement benefit to pay all the bills, it is common to do so. Because of this, having the highest possible benefit has to be one of the goals. Each retirement age has a Social Security maximum and knowing these limits is good for planning our future.

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If you are thinking of applying for retirement at age 67 you should know that you will receive 100% of the money contributed. On the other hand, if you want to start collecting Social Security at 62 you will see a 30% reduction of the total, so it may not be very convenient. In the end, each person has a different plan, so you should do what is best for your situation. In any case, having as much information as possible is the best way to be able to decide later on the objective to follow.

Maximum Social Security at age 67

The maximum Social Security check figure in 2022 if you retire at age 67 is $3,345. This is not a bad benefit and with this money many people can live quietly and without financial problems. The maximum Social Security amount in 2022 is $4,194, but it is mandatory to wait until age 70 to retire. Seen in this way, the maximum of 67 is not bad, since it allows you to live well and you stop working 3 years earlier.

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The Retirement Age, therefore, is a very determining factor when applying for retirement. The most common ages are 62, 65, 67 and 70. Even so, you can start collecting Social Security from the age of 62, so the final decision is yours. Despite this, there is an exception for people with disabilities. This group of Social Security beneficiaries can start receiving their monthly check before age 62 because of their special conditions.

Maximizing your pension at age 67

The three concepts for maximizing the pension are always the same. The first of these is the Retirement Age. This means that the figure of $3,345 is the maximum at this age, so it cannot be increased. The other two elements are as follows:

  • Salary as a worker. The higher the salary, the higher the retirement benefit. Try to have a high salary during your working years in order to have the highest possible Social Security.
  • Years worked. The minimum number of years worked is 10 to be able to collect Social Security. Although it is advisable to work as many years as possible. The benefit is calculated with the income of the 35 years with the highest salary. That is why working during this time is so necessary.
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