Sentences with phrase «monthly social security retirement benefit»

For 2017, the maximum monthly Social Security retirement benefit for a worker retiring at the full retirement age of 66 years is $ 2,687.

Let's assume you and your spouse will each receive the average monthly Social Security retirement benefit of $ 1,294 (as of May 2014).

If you have an estimate of your monthly Social Security retirement benefit (in future, inflated dollars), you can use the Employee Benefit Research Institute (EBRI), Ballpark E$ timate Online, to get a basic idea of how much you need to save before you retire.

Many people mistakenly assume their monthly Social Security retirement benefits will be the same no matter what age they retire.

Not exact matches

While you can choose to receive your Social Security benefits before your full retirement age (as defined by Uncle Sam), doing so results in lower monthly payments and possibly more reliance on your savings.

For these people, their sole retirement income, aside from potential aid from friends and family, comes from Social Security, for which the current average monthly benefit is $ 1,230.

The survey of 903 adults aged 50 or older, who are either already retired or plan to retire in the next ten years, revealed those who began receiving Social Security income early report a lower average monthly payment ($ 1,190) than those who started at their full retirement age ($ 1,506) and those who delayed benefits until age 70 ($ 1,924).

Also in regard to Social Security retirement benefits, it's important to understand that monthly benefits differ substantially based on when you start receiving them and the filing option you choose.

As the site shows, if you start taking your Social Security payments before you hit your full retirement age, your monthly benefit will be lower.

While retiring early reduces your monthly Social Security benefits, working past your full retirement age actually increases them.

The Social Security Administration says that if you delay receiving your Social Security benefits until you hit 70, your monthly payment will be 32 percent higher than if you had retired at full retirement age.

Taking Social Security benefits before your full retirement age will cost you in the form of a lower monthly payout.

Our Humble Opinion: Social Security is such a wonderful source of retirement income that most folks should delay benefits, so they get a larger monthly check.

If Social Security withholds some of your benefits because you continue to work, they will pay you a higher monthly benefit amount when you reach your full retirement age.

Just remember: If you work and collect Social Security benefits when you are below full retirement age, your monthly benefit could be reduced if your earnings exceed certain thresholds (although if it is, Social Security effectively restores those withheld payments by increasing your benefit when you reach full retirement age.)

For example, some couples may decide to claim one spouse's Social Security benefits at normal retirement age, while delaying the other spouse's benefits until age 70 to allow the second monthly payment to grow.

That is, the so - called increase in the Social Security monthly benefit if you delay taking benefits beyond your normal retirement age is at least in part due to the fact that a «fixed pot of money» is being divided into larger chunks at age 70 (fewer months to live) than at age 67 (more months to live).

While retirement does make you eligible for low - cost medical coverage through Medicare and monthly benefit checks from Social Security, they most likely won't be enough to give you the comfortable retirement of your dreams.

$ 2,687: The overall maximum monthly Social Security benefit for those retiring at their full retirement age in 2017 is still just $ 2,687, or roughly $ 32,000 for the whole year.

If you are below your full retirement age and receiving a monthly Social Security check your benefit is subject to the Social Security Earnings Test.

If, for example, after toting up your retirement living expenses (which you can do by going to BlackRock's Retirement Expense Worksheet), you see that your monthly Social Security benefit covers all or nearly all of your essential living expenses, then you may have all the guaranteed income you need.

Forty - five million retired workers and their dependents receive Social Security retirement benefits as of June 2017, with an average monthly benefit of $ 1,369.

Retiring later also provides the opportunity to get a larger monthly Social Security benefit, because each year a person delays claiming benefits past full retirement age (age 66 for people born between 1943 and 1959; age 67 for people born after) increases the monthly payment by about 8 %.

The earliest you can start collecting Social Security retirement benefits is 62, but your monthly amount will be permanently reduced.

If you are in good health and anticipate living a long retirement, it may be advantageous to delay Social Security payments as long as possible so you can enjoy larger monthly benefit checks over time.

If you are within three months of age 65 or older and not ready to start your monthly Social Security benefits yet, you can use our online retirement application to sign up just for Medicare and wait to apply for your retirement or spouses benefits later.

Social Security is a great retirement benefit, but it's possible your clients may be counting on that monthly check a little too much — at the expense of getting serious about building adequate retirement investments.

You simply plug in the current balances of your various retirement accounts, your estimated monthly spending, how your savings are divvied up between stocks, bonds and cash, your Social Security benefit — and the calculator employs Monte Carlo simulations to estimate the probability that income from Social Security plus withdrawals from your nest egg will be able to generate enough income for you to maintain your expected spending for the rest of your life.

I understand that delaying taking social security from full retirement age (67, based on my birth year) until age 70 results in a 24 % increase in the monthly benefit, or 8 % per year.

Even though your monthly check will be reduced, there are ways early retirement can boost Social Security benefits.

Despite higher monthly benefits for those who delay, many people still claim Social Security retirement benefits at age 62, the earliest age of eligibility.

One of the key components that the Social Security Administration uses to calculate your Social Security retirement benefit is called the Average Indexed Monthly Earnings, or AIME (don't you just love the acronym - loving Social Security Administration?

If Frank retires at his full retirement age of 66, his monthly Social Security benefit would be $ 2,000 a month.

Social Security benefits can begin at 62, but waiting until full retirement age of 65 or 66 (depending on your birthday) will increase the size of your monthly check.

After you reach full retirement age, Social Security hikes monthly payouts by 8 % for each year you hold off on claiming benefits up to age 70.

• You can specify ages that both client and spouse start to collect Social Security retirement benefits separately, and at any year (not just 65 to 72), how much both receive in monthly Social Security benefits, and their annual inflation rates (COLA), separately too.

If you start taking Social Security at 62, rather than waiting until your full retirement age (FRA), you will receive reduced monthly benefits.

That's because the prospect of a comfortable retirement based largely on Social Security benefits or monthly pension payments is less certain than at any time since the Great Depression.

Social security provides a lifetime retirement benefit in the form of a monthly check that's adjusted each year for inflation, to individuals who meet three requirements:

GAO Report: Challenges For Those Claiming Social Security Benefits Early This report of the U.S. Government Accountability Office looks at the circumstances of people who file for Social Security benefits early to understand why they do so even though taking benefits before full retirement age reduces monthly pBenefits Early This report of the U.S. Government Accountability Office looks at the circumstances of people who file for Social Security benefits early to understand why they do so even though taking benefits before full retirement age reduces monthly pbenefits early to understand why they do so even though taking benefits before full retirement age reduces monthly pbenefits before full retirement age reduces monthly payments.

It may also be a time where you're relying on your retirement savings and / or Social Security benefits to meet your monthly expenses.

Another reason older Americans might not bother is that monthly retirement income from the Social Security Administration results in lower nutrition assistance benefits, since monthly benefit amounts are based on a person's income and expenses.