U.S. Social Security Administration, Government Pensions And Social Security, Retiree Finances, Baby Boomers

U.S. Social Security Administration, Government Pensions And Social Security

How much you will get in Social Security if you make $40,000 and wait until 70 to take your benefits

If you wait a few years after full retirement age to claim Social Security benefits, you can nearly double the size of your monthly check.

11/24/2020 6:02:00 PM

How much you will get in Social Security if you make $40,000 and wait until 70 to take your benefits investinyou (In partnership with acorns.)

If you wait a few years after full retirement age to claim Social Security benefits, you can nearly double the size of your monthly check.

Waiting until you are 70 to collect Social Security benefits could translate to tens of thousands of dollars a year in your pocket when you need it most.Benefits are based on your income, the year you were born and the age you decide to start taking money out. So timing is key.

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You are first eligible to begin receiving your benefits at age 62. Your benefits go up or down based on how many months before or after your full retirement age you take your benefits. Increases stop when you turn 70, so there's no point in waiting longer than that to cash out.

Check out this video to see a case study of someone who turns 62 in 2020 and made $40,000 every year over the course of their career. Read more: CNBC »

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