Some 66-year-olds may have filed at Full Retirement Age if they were born in 1957 or 1958. This is the best moment to do it if you want to get 100 percent of your Social Security monthly benefit payment.
The only bad thing about filing for Social Security at 66 is the fact that you cannot get 24% extra by delaying retirement until you are 70. Every year you delay retirement after 66 or 67, you can get about 8% extra per year.
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Average Social Security payment for seniors aged 66 compared to all retired workers
Social Security announced that the average check or direct deposit for seniors aged 66 is about $1,740. As a matter of fact, you can tell there is a big difference between the average payment for all retired workers and those aged 66.
The average retirement benefit for all workers is worth $1,915 as of April 2024. In one month, they get 175 dollars less than the average payment for all retired workers.
For your information, that would be about $2,100 less in 12 months. Therefore, it is of vital importance that you make sure you can afford to file at 66. Otherwise, it would be advisable to delay retirement as much as you can.
Maximum Social Security benefit at 66
If you file at Full Retirement Age (66 and 8 months) in 2024, you could get up to $3,822, up from $3,627 in 2023. Those workers who want to get the largest benefit in retirement must take into consideration 4 things.
The only way to get large Social Security payments is to achieve the 4 conditions before filing. The first one is to apply for retirement benefits at Full Retirement Age.
The second is to have jobs covered by the Administration. That is, you pay enough payroll taxes to be entitled to monthly payments of up to $3,822. Bear in mind that you must have worked for at least 35 years and earned the taxable maximum all those years as well.
What are the conditions to achieve a maximum Social Security benefit at 66?
To get the most from Social Security at age 66, you must meet these conditions:
- Earn at least the maximum wage taxable by Social Security for 35 years. In 2024, the earnings cap is $168,600, which is adjusted annually based on the national average wage index.
- Wait until your full retirement age (FRA) of 66 to claim benefits. For those born between 1943-1954, the FRA is 66. Claiming at 66 allows you to receive 100% of your monthly benefit.
- If you were born in 1957, your FRA is 66 and 6 months. If born in 1958, your FRA is 66 and 8 months.
- At FRA of 66 in 2024, the maximum monthly benefit you can receive is $3,822.
- Delaying benefits past your FRA up until age 70 will increase your monthly benefit even more. At age 70 in 2024, the maximum possible benefit is $4,873 per month.
How much can you increase your monthly benefit by delaying retirement past age 66 or 67?
If you wait to claim Social Security after your full retirement age (usually 66 or 67), your monthly benefit will increase. Here’s how:
- Every month you wait past your full retirement age, your benefit goes up by 0.67%. This equals to an 8% annual increase.
- For example, if you wait until you’re 70, you’ll get 132% of your full benefit. So, if your benefit at 66 was $1,000, waiting until 70 means you’d get $1,320.
- You don’t have to wait a full year for a bump. Credits are added monthly. Even waiting a few more months raises your benefit.
- However, there’s no more increase after 70. Your benefit maxes out then.