The Full Retirement Age is 66 years old and 6 months as of July 2, 2023, and through July 1, 2024. Therefore, you must have been born in 1957. If you reach that age in 2024, you will get 100% of your Social Security.
If you were born in 1958, your Full Retirement Age is 66 & 8 months says Social Security. Those whose birthdate was in 1959 will have their Full Retirement Age when they turn 66 and 10 months.
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American citizens born in 1960 or later can reach Full Retirement Age when they turn 67 years old. As you can see, it really matters the year when you were born since there can be a big difference between those who filed at 65 and those at 67.
How can i earn $3,822 from social security in 2024?
If you are about to retire and are close to Full Retirement Age, you should know the approximate amount of your retirement benefits. In this way, you will know if you
To learn about the approximate amount of your Social Security retirement benefits, you can download your annual Statement. Here you will learn the different amounts a Full Retirement Age, before or after it.
In order to get $3,822 in 2024 from Social Security, you must have earned the taxable maximum for a minimum of 35 years. Therefore, if you are not in that situation, you will not get $3,822 when filing at Full Retirement Age.
How to Calculate Your Social Security Retirement Benefits
Here are the key steps to calculate your Social Security retirement benefits:
Determine your Average Indexed Monthly Earnings (AIME): Index your earnings for each year prior to age 60 to reflect changes in general wage levels. This is done by multiplying your earnings by the indexing factor for each year. Choose the 35 years with the highest indexed earnings. Sum these earnings and divide by 420 (35 years x 12 months) to get your AIME.
Calculate your Primary Insurance Amount (PIA) based on your AIME:
The PIA formula uses fixed percentages but dollar amounts called “bend points” that change annually with the national average wage index.
In 2024, the PIA bend points are $1,174 and $7,078. The PIA equals:
- 90% of the first $1,174 of AIME, plus
- 32% of AIME over $1,174 through $7,078, plus
- 15% of AIME over $7,078
Adjust the PIA based on your retirement age:
- Your monthly benefit may be higher or lower than your PIA depending on your retirement age.
- If you retire before your full retirement age (FRA), your benefit is reduced. For example, retiring at 62 in 2024 results in a 30% reduction.
- If you retire after your FRA, your benefit is increased by delayed retirement credits up to age 70.
Use the Online Benefits Calculator to estimate your benefit:
- The calculator on the SSA website allows you to estimate your benefit by entering your earnings history.
- Creating a my Social Security account gives the most accurate estimate by linking to your actual earnings record.
How can i increase my retirement benefits if i am still working?
If you have not filed for Social Security yet and you are between 62 and 66, there are a couple of things you could do. The first one will be to delay retirement until you are 70.
Of course, as long as it is possible because health can prevent you from achieving it. The second thing you could do is to look for a well-paid job. The more money you pay to SSA, the higher your retirement benefits will be.
Strategies for Boosting Your Retirement Income
Boost your retirement savings while working. Contribute generously to your 401(k) and grab any matching funds. Also, open an IRA. Increase your savings with each raise or bonus.
Diversify your retirement income.
- Mix Social Security, pensions, and annuities.
- Use the “bucket” strategy. Keep short-term funds safe. Invest long-term funds for growth.
- Consider buying an annuity for extra income.
Maximize Social Security.
- Delay claims, ideally until age 70, for higher benefits.
- Coordinate with your spouse for more benefits.
Manage withdrawals wisely.
- Start with the 4% rule. Then, adjust for inflation.
- Withdraw a fixed percentage each year.
- Be flexible with market changes.
Think about part-time work.
- It adds income and delays using your savings.
- Plus, it offers social benefits and the option to delay Social Security.