Here's the Maximum Possible Social Security Benefit at 62, 66, 67, and 70

From what the evidence shows, One of the biggest factors impacting your monthly Social Security benefit is when you decide to apply for benefits

Most people become eligible for retirement benefits starting at age 62, in today's market environment

Moreover, But claiming as soon as possible will result in a much smaller monthly check than if you wait, in today's market environment

That's why many retirees wait until they reach their full retirement age, between the ages of 66 and 67 for most Americans

But that title is a bit of a misnomer because you can get an even bigger monthly benefit by waiting until age 70 to file

The discrepancy between how much you can receive from Social Security at each age is amplified when you look at the maximum possible benefit

And if you aim to truly maximize your Social Security benefits for yourself and your family, there's a winner for which age is best for most people

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Additionally, What it takes to maximize your Social Security benefits When the Social Security Administration goes to calculate your monthly retirement benefit, it first looks at your entire earnings history, starting from the first year you started working and filed income taxes

After adjusting each year's earnings for inflation, it selects the 35 highest-earning years and plugs them into the Social Security benefits formula (noteworthy indeed), given current economic conditions

Market analysis shows data indicates that formula will have some slight variations depending on what year you were born, given the current landscape

On the other hand, The year you were born will also determine your full retirement age

Your full retirement age is important because that's when you'll receive the primary insurance amount calculated by the Social Security benefits formula (fascinating analysis), in today's market environment

Furthermore, If you claim before you reach the required age, you'll receive a smaller monthly benefit (an important development)

If you wait, you'll receive an increase in benefits for each month you delay up until age 70

Additionally, There's one more detail to know how your benefit gets calculated, though

Nevertheless, If you're a high earner, the Social Security Administration might not count every dollar you earned during your career when calculating your benefit

That's because it caps the amount of earnings subject to Social Security taxes each year

If you don't pay Social Security taxes on the income, it won't count toward your earnings for calculating your benefit

Here's the last 50 years of the maximum taxable earnings for Social Security

Meanwhile, Note the maximum earnings subject to Social Security taxes increases every year with the rise in the standard of living and inflation

As a result, you'll have to ensure your salary keeps up with the rising wage inflation over time

Moreover, But if you can earn above the threshold for at least 35 years, you'll put yourself in line for a maximum or near-maximum possible Social Security benefit, in today's financial world

Here's the maximum possible benefit at 62, 66, 67, and 70 Even if you max out your taxable earnings throughout your career for Social Security, there's still a huge gap in the monthly benefit you can receive at 62 versus waiting until age 70, in this volatile climate

While claiming at 62 will allow you to collect benefits for longer, waiting until age 70 ensures you receive the biggest possible monthly benefit

Splitting the difference at full retirement age can be a good commise for some, amid market uncertainty

The differences between the ages are substantial

A 62-year-old and a 70-year-old who each earned similar amounts throughout their careers can receive significantly different amounts of Social Security each month if they claim at the same time

Should you wait to claim benefits, in today's financial world

If you're in line for the maximum possible Social Security benefit, you may be wondering if it makes sense to delay Social Security to increase the size of your monthly check, in this volatile climate

In fact, high earners stand to benefit the most from waiting as long as possible before claiming their benefits, in today's financial world

If you were fortunate enough to have a high-paying career, hopefully you've also set aside some of your earnings in personal retirement accounts

Furthermore, If so, you won't be entirely reliant on Social Security for income in retirement, so waiting to claim your benefits can help tect your wealth later in life

Meanwhile, If you were the main breadwinner in your household, you also need to consider survivor benefits (this bears monitoring)

Moreover, If you pass away before your spouse, they're eligible to collect the same amount you were receiving from Social Security before your passing (something worth watching), given current economic conditions

As such, it's important to consider your spouse's life expectancy as well as your own when determining the best age to claim benefits

Delaying until age 70 is usually the best option for maximizing total benefits paid

Even if you haven't earned enough to receive the maximum possible benefit from Social Security, it often makes sense to wait until age 70 (which is quite significant), in this volatile climate

As long as you can afford to delay your benefits, it will usually pay off with a more secure retirement.