Social Security 2023: How Much Will You Get?

Social Security

The Social Security program has proverbially taken retired people under its wing and given them some level of financial security for over eighty years.  

Your lifetime earnings at occupations for which you paid Social Security taxes will determine the size of your retirement benefit. So will the age at which you file your claim. You can apply for your benefits from Social Security as early as 62. You won’t get the full amount unless you wait until you reach full retirement age (FRA). Your FRA is 66 if you were born between 1943 and 1954, according to the Social Security Administration (SSA). A hypothetical $1000 monthly retirement payment would be cut by 25% if you filed a claim at age 62, leaving you with only $750. A spouse benefit of $500 per month would be cut to $350.

Social Security Payment Details

The percentage of retirement benefits reduced increases with the distance between age 62 and FRA. Retirement payments are cut by 30%. Spousal benefits have been lowered by 35% for anyone born in 1960 or later. As a result, a monthly retirement payout of $1000 would become $700.

The monthly benefit amount for retired employees claiming benefits at age 62 and earning the average pay was $1,480 per month for the worker alone, according to the SSA’s 2021 Annual Statistical Supplement. 

At age 62, the benefit amount for employees with claiming spouses was $2,170. Even while you can get retirement advantages for a longer period if you file a claim before FRA, your benefit amount will be much lower. If you wait to start receiving benefits until beyond FRA, according to the SSA, you’ll be eligible for delayed retirement credits that will raise your monthly benefit.