Not affiliated with the US Social Security Administration
You can't receive "full" Social Security benefits until you reach your "Full Retirement Age" (FRA). FRA is increasing for those who were born later.
|
Year of Birth |
Full Retirement Age |
|---|---|
|
1943-1954 |
66 |
|
1955 |
66 and 2 months |
The average Social Security check is $1,372 per month, or $16,464 per year.
The highest Social Security check when initiating benefits at "full retirement age" (age 66 if you were born between 1943 and 1954) is $2,788 a month, or $33,456 a year.
The highest Social Security check when initiating benefits at age 70 is $3,680 a month, or $44,162 a year.
Significant Social Security change coming in 2018 :
1. Two percent cost-of-living increase.
2. Maximum possible monthly payment increases $101 to $2,788.
3. Maximum income level for Social Security taxes increases $1,500 to $128.700.
4. Full retirement age (FRA) increases two months to 66 years and 4 months.
Not affiliated with the US Social Security Administration
