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Home / Business / The most important social security table you'll ever see – The Motley Fool

The most important social security table you'll ever see – The Motley Fool

Your social security benefits are based on a number of factors. Some vary depending on your circumstances – such as how much you earn – and others are simply fixed. For example, you know that the sooner you start to take advantage, the smaller the checks are, and you can increase your checks by delaying when you start collecting.

Here's a closer look at one of the most important social security charts you need to see – depending on how old you start collecting, how much larger or smaller these checks will be – followed by other ways to increase your checks.

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Know your full retirement age

Before we get to this important social security card, you need to know your full retirement age. This is actually another table:

Year of Birth

Full Board

1937 or earlier



65 and 2 months


65 and 4 months [19659011] 1940

65 and 6 months


65 and 8 months


65 and 10 months




66 and 2 Months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 and later


Data source: Social security administration.

If you are surprised that the full retirement age is not only 65 for all, you know that was once for all 65, but it was increased for many of us to strengthen the program given the fact that Americans usually live longer.

No matter if you are of full retirement age, you can apply for and pick up your services from the age of 62 and still at the age of 70. For every year, beyond the full retirement age, that you delay the start of benefits, you will increase their value by about 8% – up to the age of 70 years. So, if you postpone from age 67 to age 70, you can get 24% richer. If your full retirement age is 67 years and you receive benefits at the age of 62, they are about 30% smaller.

The Most Important Social Security Card

The following table shows you, without further ado, the approximate proportion of your full age benefits that you receive when you collect at different ages. It gives you a rough idea of ​​the effect of waiting to gather your benefits or start early.

Start collecting at:

Full Retirement Age 66

Full Retirement Age 67

62 [19659044] 75%



80% [19659043] 75%









93 , 3%










70 [19659043] 132%


Data source: Social security administration.

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Source: Getty Images

How to increase your checks

As it matters to most of us We start Do not think this will hurt you early. First, if you have an average life expectancy, the system is designed to give you the same overall benefits, regardless of when you start collecting. If you start early, your checks will be smaller, but you will get much more.

Here are some ways you can increase your social benefits:

  • Earn more. The formula used by the Social Security Administration (SSA) to calculate your benefits takes your 35 best years (inflation-adjusted) so you can increase your benefits by increasing your revenue. You may already have 35 years of income, but if you now earn $ 80,000 and some of your early years have incomes of say $ 20,000, you can increase your past benefits by working a little longer so that some high income years can be spent in the Calculations, replacing some low-income years.
  • Work for at least 35 years. Since the formula is based on 35 income years, we strive to work 35 years. If you have made an income in just 28 years, the calculation will contain seven zeros, which will reduce your benefits to some extent. Are you planning to retire after 33 years of work? It may be worthwhile to work two more years if you want more benefits.
  • Review your records. You can always go to the SSA website to see how your income and taxes are paid into the social security system and what estimates you need for your future benefits. It is worth ensuring that the revenue and taxes are correct. If not, you may receive smaller benefit checks than you actually earned. If you only correct one mistake, your benefits can increase!
  • delay your divorce. If you divorce after about nine years of marriage, consider staying married until you turn 10 – if you can. Spouses may be able to claim benefits based on their spouse's income, even if this spouse is remarried, if they have been married for at least 10 years. There are a few more rules associated with it, so look at them if that applies to you.
  • Strategize. There are many more social security benefits strategies than you may realize. A good strategy for many married people is to gather the benefits of the spouse with the lower lifetime record in time or early while delaying the uptake of the benefits of the higher earning spouse. In this way, the couple gets a little earlier income, and when the higher earner hits 70, they can collect extra large checks. If this higher-earning spouse dies first, the spouse with the lower earnings bill can collect these larger benefit checks.

When it comes to retirement income, for most Americans, social security is vital if you want to start collecting, how much you can expect, and what you can do to increase your ultimate benefits.

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