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Calculates the PIA based on their 35 highest years of earnings. And the basis for the gain is $147,000 in 2022 and $160,200 this year.
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Social Security can be claimed as late as age 62 and age 70.
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Will reduce retirees' benefits by 5/9 of 1% each month if they take benefits past their FRA.
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Similarly after the first 36 months, benefits are reduced by 5/12 of 1%, so if you collect benefits at age 62 and your FRA is 67, this results in a 30% reduction for the retiree's PIA. Will be done.
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In 2023, the maximum monthly Social Security check you could receive is $2,572 if you earn the maximum possible benefit based on your earnings and start claiming Social Security at age 62.
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But if you stretch it to earn the maximum taxable income over 35 years and put off claiming Social Security until age 70, your monthly Social Security paycheck will be $4,555, $1,983 higher.
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Next steps