If you start collecting your Social Security benefits at age SOCIAL_AT_RETIRE_AGE, Social Security may provide SOCIAL_AT_RETIRE_AMT per year which is SOCIAL_AT_RETIRE_AMT_MONTHLY per month. This is SOCIAL_AT_RETIRE_PERCENT of your final year's income of HOUSEHOLD_INCOME_AT_RETIRE. Remember, this is only an estimate. Your actual benefit may be higher or lower depending on your work history and the complete compensation rules used by Social Security. **GRAPH**
|Expected salary increase||SALARY_PERCENT per year|
|Include spousal benefit?||MARRIED|
|Age to begin benefits||AGE_OF_RETIREMENT|
|Annual income at age AGE_OF_RETIREMENT||HOUSEHOLD_INCOME_AT_RETIRE|
|Estimated benefit||SOCIAL_AT_RETIRE_AMT per year|
SOCIAL_AT_RETIRE_AMT_MONTHLY per month
|Estimated percent of income||SOCIAL_AT_RETIRE_PERCENT|
You are eligible to receive your full Social Security benefits at age SOCIAL_FULL_BENEFIT_AGE. But you can start receiving Social Security benefits as early as age 62. You can also delay your benefits until age 70. The Social Security Administration attempts to keep your lifetime benefit equal regardless of the age you begin taking benefits. Take a look at the chart below to see how this can affect your monthly benefit.
The calculations use the 2014 FICA income limit of $117,000 with an annual maximum Social Security benefit of $31,704 ($2,642 per month) per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birth date). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1954. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
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