That's a very large number – but beware that your monthly benefit may be lower.
There is no official retirement age in the United States, and there is also no single age to claim Social Security. For this reason, you may decide to push yourself to work until age 70 and sign up for Social Security at that point.
Doing so could result in a very generous monthly interest. This is true whether you're in line to get the maximum Social Security monthly benefits or not.
You might enjoy a really nice payday
You are entitled to your full monthly Social Security benefits, based on your personal income history, and when Full retirement age (FRA) up. This age is either 66, 67, or somewhere in between, depending on your year of birth.
But for every year you delay it Social security If you deposit outside the FRA, your monthly interest will grow by 8%. In case it's not obvious, this boost will always be there for you to enjoy.
Meanwhile, if you're applying for Social Security this year at age 70, the maximum monthly benefit you can collect is $4,873. However, to receive $4,873 a month from Social Security, you must be someone who has worked for 35 years And He received a very high salary during that period. “Very high” means a wage that met or exceeded the maximum Social Security wage for 35 years.
Social Security is funded largely through payroll taxes. But workers do not pay taxes on all their income. Instead, a wage cap is set each year, which is the amount of earnings on which workers will pay those taxes.
This year, that cap reaches $168,600. Last year it was $160,200. Because the maximum wage has risen with inflation over the years, there may be some years in which you earned much less than $160,200 or $168,600 and still be in line to get the maximum Social Security monthly benefits this year.
However, the point is that to qualify for this benefit, your earnings must be really high throughout your career. If not, you may not be looking at a monthly paycheck of $4,873, despite delaying your Social Security filing until age 70.
However, you may still get a great monthly benefit. Even a monthly payday of $3,873, or $3,000, for that matter, can do a lot of good for your retirement funds.
Delaying your registration can pay off
If you approach the FRA and are considering claiming Social Security, it may pay you Work a little longer Delay your application until your 70th birthday. This may be an especially wise move if you don't feel very confident about how much money you've saved for retirement and know you'll need Social Security to cover the bulk of your senior living expenses.
In addition to delaying filing for Social Security until age 70, you can boost your monthly benefits by trying to increase your pay at the end of your career, whether by fighting for a promotion and raise at work or adding to your overall income through a side hustle.
Either way, there's a lot to be gained by claiming Social Security at age 70. This applies even if you are not in line for the program's maximum monthly payment.
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