STATEN ISLAND, N.Y. — Approaching retirement? This is the moment you probably have been waiting for your entire life — sleeping in, spending more time with family, and overall, just slowing down.
But as you approach the golden age of 67 (the national retirement age for those born after 1960) you might be wondering: When should I start taking my Social Security money out? How much Social Security money can I get?
Simply put: It all depends on your age. You can technically start taking out Social Security funds when you turn 62 — so, if you were born in 1962, this year is your year for initial payments.
Before you pick up the phone, though, keep in mind that you would be taking the money early, lowering your overall monthly Social Security income.
Go Banking Rates said in a recent article that a run-of-the-mill Social Security check can average out to about $1,781.63 per month “as of February” when you wait to collect at 67. Of course, not everyone can afford to wait that long.
To effectively predict the amount of money a person could receive every month from the Social Security Administration (SSA), Go Banking Rates rounded up the average $1,781.63 check to a flat figure of $1,782 for the following estimations.
For those who chose to take out at the age of 62, Go Banking Rates says that recipients will receive 70% of that typical $1,782 check, giving you about $1,247.40 a month. That number increases the longer the months go on during your 62nd year of life, as listed in the article:
- 62 years and 1 month old: $1,254.53 (70.4%)
- 62 years and 2 months old: $1,261.66 (70.8%)
- 62 years and 3 months old: $1,270.57 (71.3%)
- 62 years and 4 months old: $1,277.69 (71.7%)
- 62 years and 5 months old: $1,284.82 (72.1%)
- 62 years and 6 months old: $1,291.95 (72.5%)
- 62 years and 7 months old: $1,299.08 (72.9%)
- 62 years and 8 months old: $1,306.21 (73.3%)
- 62 years and 9 months old: $1,315.12 (73.8%)
- 62 years and 10 months old: $1,322.24 (74.2%)
- 62 years and 11 months old: $1,329.37 (74.6%)
If you can hold out until age 63, you can get 75% of the $1,782, coming out to roughly $1,336.50 being put into your bank account every month. That figure rises the longer you wait to cash out at 63-years-old, as listed in the article:
- 63 years and 1 month old:$1,343.63 (75.4%)
- 63 years and 2 months old:$1,350.76 (75.8%)
- 63 years and 3 months old:$1,359.67 (76.3%)
- 63 years and 4 months old:$1,366.79 (76.7%)
- 63 years and 5 months old:$1,373.92 (77.1%)
- 63 years and 6 months old:$1,381.05 (77.5%)
- 63 years and 7 months old:$1,388.18 (77.9%)
- 63 years and 8 months old:$1,395.31 (78.3%)
- 63 years and 9 months old:$1,404.22 (78.8%)
- 63 years and 10 months old:$1,411.34 (79.2%)
- 63 years and 11 months old:$1,418.47 (79.6%)
You get a 5% bump if you delay claiming your Social Security money after your 64th birthday. At 80%, you can receive about $1,425.60 out of that average $1,782 check, as listed in the article:
- 64 years and 1 month old: $1,436.29 (80.6%)
- 64 years and 2 months old: $1,445.20 (81.1%)
- 64 years and 3 months old: $1,455.89 (81.7%)
- 64 years and 4 months old: $1,464.80 (82.2%)
- 64 years and 5 months old: $1,475.50 (82.8%)
- 64 years and 6 months old: $1,484.41 (83.3%)
- 64 years and 7 months old: $1,495.10 (83.9%)
- 64 years and 8 months old: $1,504.01 (84.4%)
- 64 years and 9 months old: $1,514.70 (85%)
- 64 years and 10 months old: $1,525.39 (85.6%)
- 64 years and 11 months old: $1,534.30 (86.1%)
Say you hold off taking your Social Security benefit until you turn 65 years old. In that year, you can start off with 86.7%, or $1,544.99, of the typical payment: $1,782. As listed in the article, here’s what you can receive every month:
- 65 years and 1 month old: $1,553.90 (87.2%)
- 65 years and 2 months old: $1,564.60 (87.8%)
- 65 years and 3 months old: $1,573.51 (88.3%)
- 65 years and 4 months old: $1,584.20 (88.9%)
- 65 years and 5 months old: $1,593.11 (89.4%)
- 65 years and 6 months old: $1,603.80 (90%)
- 65 years and 7 months old: $1,614.49 (90.6%)
- 65 years and 8 months old: $1,623.40 (91.1%)
- 65 years and 9 months old: $1,634.09 (91.7%)
- 65 years and 10 months old: $1,643.00 (92.2%)
- 65 years and 11 months old: $1,653.70 (92.8%)
If you’re 66 years old, you’re nearly at retirement age. If you opt to get your Social Security money while you’re 66, you can attain around $1,662.61 or 93.3% of that total $1,782. As listed in the article, here’s what you can receive every month:
- 66 years and 1 month old: $1,673.30 (93.9%)
- 66 years and 2 months old: $1,682.21 (94.4%)
- 66 years and 3 months old: $1,692.90 (95%)
- 66 years and 4 months old: $1,703.59 (95.6%)
- 66 years and 5 months old: $1,712.50 (96.1%)
- 66 years and 6 months old: $1,723.19 (96.7%)
- 66 years and 7 months old: $1,732.10 (97.2%)
- 66 years and 8 months old: $1,742.80 (97.8%)
- 66 years and 9 months old: $1,751.71 (98.3%)
- 66 years and 10 months old: $1,762.40 (98.9%)
- 66 years and 11 months old: $1,771.31 (99.4%)
Of course, at 67-years-old, you get 100% of the payout. If you can wait, though, you can get even more money from Social Security each year.
By the time you’re 68-years-old, you can get 8% over the average amount: Tallying up to $1,924.60, according to the article.
If you want to hold off until you’re 69-years-old, the article says you can gain an additional 8% for a boosted income of $2,067.12. That’s exceeding the average by 16%.
At 70-years-old and older is where the line stops at 24% above the average monthly amount, giving you a grand total of $2,209.68 a month, the article states.
