Here's the Max Social Security Benefit at Age 70 -- and How to Get It
Given retirement's unpredictability, waiting to receive the highest possible monthly benefit may be the right move.
Overview
The maximum Social Security benefit for someone who claims at age 70 is $5,181, more than double the average Social Security benefit. However, reaching the number requires decades of high earnings and planned timing of your claim. Here's what you need to know.
Image source: Getty Images.
Fewer than 1% of Americans receive the maximum benefit, but that doesn't mean it can't be done. Those who receive a monthly benefit of $5,181 have earned delayed retirement credits, which increase their benefits by about 8% per year after full retirement age (FRA). Had these Social Security recipients not waited until age 70, their monthly benefit would have been roughly $4,178 at FRA. Waiting allowed them to maximize the benefit they would have otherwise received.
Details
Source
Originally published at www.fool.com.