Project your monthly income from the Social Security Administration based on 2024 standards.
Look up your "Primary Insurance Amount" on ssa.gov
Retiring at 62 reduces your monthly check by up to 30%, while waiting until 70 increases it by 24% or more.
Social Security Projection
$1,400
70.0% of base
$1,500
75.0% of base
$1,600
80.0% of base
$1,733
86.7% of base
$1,867
93.3% of base
$2,000
100.0% of base
$2,160
108.0% of base
$2,320
116.0% of base
$2,480
124.0% of base
The Waiting Game
Every year you wait past 67 adds 8% to your check for life.
Social Security benefits are designed to replace about 40% of your pre-retirement income. The amount you receive depends heavily on two factors: your highest 35 years of earnings and the age at which you choose to start receiving benefits.
For anyone born in 1960 or later, the Full Retirement Age is 67. This is the age where you receive 100% of your Primary Insurance Amount (PIA).
If you delay benefits until age 70, you earn "Delayed Retirement Credits" of 8% per year. This can result in a monthly check that is 76% higher than if you started at 62.
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