First round of January Social Security payments goes out today
The first round of January’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to the first group of retirees today. Here is all you need to know about this month’s Social Security payments, which go out in three rounds.
Social Security Update: Payments of Up to $5,108 to Go Out This Week
The maximum amount available to retirees who stop working at the Full Retirement Age - currently 67 years old - is $4,018. If you take your benefits at the earliest possible age of 62, your maximum payment would be $2,831. But if you retire at age 70, you could get a maximum of $5,108 per month.
This Is the Average Social Security Benefit for Age 62
Also note that the table above starts at age 62 because that's the earliest age at which you can apply for your benefits. For each year you delay after that age, your benefits will increase (until age 70). And no matter when you start, you can expect nearly annual cost-of-living adjustments ( COLAs ).
Social Security: How Many Hours Can You Work and Still Collect Benefits?
You can continue to work as long as you want, and you can still collect Social Security benefits. However, you should be aware that continuing to work after claiming Social Security benefits
The Best Social Security Calculators You Can Use for Free
One thing soon-to-be retirees need to start looking at carefully is where they fall in terms of Social Security benefits. Whether you start taking withdrawals at 62, 67, or 70, it’s important to understand what impact Social Security withdrawals will have on your income level while retired.
This 1 move could shrink your Social Security check by up to 30%
You can maximize your benefits if you wait to claim Social Security until your full retirement age or older. However, claiming earlier could shrink your monthly check by as much as 30 percent. Workers can start to get Social Security retirement benefits as early as 62 years of age.
Social Security Update: Republican Says Cuts Should Be 'On the Table'
New Hampshire Governor Chris Sununu suggested setting up a commission, guidelines and metrics to deal with the issue.
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