Many retirees shouldn’t expect the Social Security maximum benefit, however there way that achieving it is possible.
Social Security maximum benefit (Photo: Illinois Wesleyan University)
Retirees Shouldn’t Expect Social Security Maximum Benefit, However It Is Still Possible
According to the Motley Fool, the Social Security maximum benefit has been a pivotal part of many Americans’ retirement planning. It is a way for retirees to benefit after paying Social Security taxes for decades.
However, can retirees actually achieve the Social Security maximum benefit? Take note that the role of Social Security correlates with retiree’s income over their working years.
As a retiree, making yourself eligible for the maximum benefit wouldn’t be easy. However, it is doable. The following is the max payout for retirees by age.
Social Security Maximum Benefit For Retirees By Age
NASDAQ provided a list of Social Security maximum benefits for retirees by full retirement age. That is the age when the retiree is eligible to receive the Social Security maximum benefit. Moreover, the benefit is also based on the retiree’s birth year.
Birth Year – Full Retirement Age
- 1943-1954 – 66
- 1955 – 66 and 2 months
- 1956 – 66 and 4 months
- 1957 – 66 and 6 months
- 1958 – 66 and 8 months
- 1959 – 66 and 10 months
- 1960 and later – 67
The full retirement age is important as it is the baseline used for Social Security to get the Social Security maximum benefit that you can claim before or after your full retirement age.
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