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Your monthly retirement benefits rise each year you postpone. Married people who took advantage of a Social Security loophole could start receiving a spousal benefit at full retirement age while still contributing to their own retirement benefits. This was accomplished by submitting a restricted application.

If your highest 35 years of indexed earnings averaged out to $100,000, your AIME would be roughly $8,333. If you add all three of these numbers together, you would arrive at a PIA of $2,893.11, which equates to about $34,717.32 of Social Security benefits per year at full retirement age.

The current full retirement age is 67 years old for people attaining age 62 in 2023.

How Social Security benefits are calculated on a $60000 salary YouTube Start of suggested clip End of suggested clip The number of months and 35 years that gives you $5,000. Still with me that. Figure gives you yourMoreThe number of months and 35 years that gives you $5,000. Still with me that. Figure gives you your average indexed monthly earnings or a IME. Simply put if your monthly pay for the last 35 years.

In 2023, the wage cap is $160,200, so income beyond that threshold isn't taxed. But to claim the maximum monthly Social Security benefit, your earnings must reach or exceed the wage cap for 35 years.

To potentially achieve the $16,728 Social Security Bonus or a similar increase in benefits, you would need to follow the strategy of delaying your Social Security retirement benefit claim until age 70.

Suppose you were born on Jan. 1, 1960, and had an average annual income of $50,000. As of May 2023, you would get a monthly benefit of $1,386 if you filed for Social Security at 62; $1,980 at full retirement age (in this case, 67); or $2,455 at 70.

Here's the starting benefit for each of those same final annual incomes, if you wait until age 70: Final pay of $80,000: benefit of $2,433 monthly, $29,196 yearly.

Your full retirement age for Social Security is the age at which you become eligible for full or unreduced retirement benefits. If you were born between 1943 and 1954, your full retirement age is 66. If you were born between 1955 and 1959, your full retirement age is 66 plus two months for each year after 1954.

Here's a checklist for retiring in 2022: Decide when to start Social Security. Sign up for Medicare or other health insurance. Check your retirement benefits. Take advantage of last-minute benefits at work. Consider rolling over your 401(k) to an IRA. Make a financial plan. Decide what to do next.