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Social Security: How your benefits could differ
Social Security: How your benefits could differ
Social Security: How your benefits could differ
As you attempt to estimate the amount of money you will have in retirement, social security benefits are a part of the equation. Taking Social Security benefits can start anytime between age 62-70.
Before reaching full retirement age – which is 66 for those born between 1943-54 – the amount of benefit is less than 100 percent. After reaching full retirement age (find your full retirement age here), the Social Security benefit increases eight percent each year.
If a person had a full retirement age Social Security benefit of $1,000 monthly, this is the amount of money they would have earned to certain ages (this does not take into account inflation and cost of living adjustments):
| AGE | Annual | Age 72 | Age 75 | Age 78 | Age 80 | Age 82 | Age 85 | Age 90 |
| 62 | $9,000 | $90,000 | $117,000 | $144,000 | $162,000 | $180,000 | $207,000 | $252,000 |
| 63 | $9,600 | $86,400 | $115,200 | $144,000 | $163,200 | $182,400 | $211,200 | $259,200 |
| 64 | $10,320 | $83,136 | $114,312 | $144,480 | $165,912 | $186,552 | $217,728 | $269,688 |
| 65 | $11,196 | $78,372 | $111,960 | $145,548 | $167,940 | $190,332 | $223,920 | $279,900 |
| 66 | $12,000 | $72,000 | $108,000 | $144,000 | $168,000 | $192,000 | $228,000 | $288,000 |
| 67 | $12,960 | $64,800 | $103,680 | $142,560 | $168,480 | $194,400 | $233,280 | $298,080 |
| 68 | $13,920 | $55,680 | $97,440 | $139,200 | $167,040 | $194,880 | $236,640 | $306,240 |
| 69 | $14,880 | $44,640 | $89,280 | $133,920 | $163,680 | $193,440 | $238,080 | $312,480 |
| 70 | $15,840 | $31,680 | $79,200 | $126,720 | $158,400 | $190,080 | $237,600 | $316,800 |
SOURCE: Retirement Planner: Full Retirement Age; SSA.org, 2018.
To learn more about Social Security benefits as part of your retirement preparation, find a OneAmerica financial professional near you.
Related Links
Social Security Agency's Life Expectancy Calculator
NOTE: Provided content is for overview and informational purposes only and is not intended as tax, legal, fiduciary, or investment advice.
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