|
Economics
Summaries |
|
Estimated Monthly Payments Chart |
|
|
|
|
|
|
Here is a
table which provides a quick estimate
|
|
|
30 |
30 |
|
Early Retirement - Benefit Penalty How Your Social Security Benefit is Reduced (Full Benefits example = $1,609 per month) |
||||
|
If you |
And you are the |
percentage |
@ 65K Annual Earning Level |
Due to Early Retirement |
|---|---|---|---|---|
|
62 |
75.0% |
|
|
|
|
62 + 1 month |
75.4 |
|
|
|
|
62 + 2 months |
75.8 |
|
|
|
|
62 + 3 months |
76.3 |
|
|
|
|
62 + 4 months |
76.7 |
|
|
|
|
62 + 5 months |
77.1 |
|
|
|
|
62 + 6 months |
77.5 |
|
|
|
|
62 + 7 months |
77.9 |
|
|
|
|
62 + 8 months |
78.3 |
|
|
|
|
62 + 9 months |
78.8 |
|
|
|
|
62 + 10 months |
79.2 |
|
|
|
|
62 + 11 months |
79.6 |
|
|
|
|
Age 63 |
80.0 % |
|
|
|
|
63 + 1 month |
80.6 |
|
|
|
|
63 + 2 months |
81.1 |
|
|
|
|
63 + 3 months |
81.7 |
|
|
|
|
63 + 4 months |
82.2 |
|
|
|
|
63 + 5 months |
82.8 |
|
|
|
|
63 + 6 months |
83.3 |
|
|
|
|
63 + 7 months |
83.9 |
|
|
|
|
63 + 8 months |
84.4 |
|
|
|
|
63 + 9 months |
85.0 |
|
|
|
|
63 + 10 months |
85.6 |
|
|
|
|
63 + 11 months |
86.1 |
|
|
|
|
Age 64 |
86.7 % |
|
|
|
|
64 + 1 month |
87.2 |
|
|
|
|
64 + 2 months |
87.8 |
|
|
|
|
64 + 3 months |
88.3 |
|
|
|
|
64 + 4 months |
88.9 |
|
|
|
|
64 + 5 months |
89.4 |
|
|
|
|
64 + 6 months |
90.0 |
|
|
|
|
64 + 7 months |
90.6 |
|
|
|
|
64 + 8 months |
91.1 |
|
|
|
|
64 + 9 months |
91.7 |
|
|
|
|
64 + 10 months |
92.2 |
|
|
|
|
64 + 11 months |
92.8 |
|
|
|
|
Age 65 |
93.3 % |
|
|
|
|
65 + 1 month |
93.9 |
|
|
|
|
65 + 2 months |
94.4 |
|
|
|
|
65 + 3 months |
95.0 |
|
|
|
|
65 + 4 months |
95.6 |
|
|
|
|
65 + 5 months |
96.1 |
|
|
|
|
65 + 6 months |
96.7 |
|
|
|
|
65 + 7 months |
97.2 |
|
|
|
|
65 + 8 months |
97.8 |
|
|
|
|
65 + 9 months |
98.3 |
|
|
|
|
65 + 10 months |
98.9 |
|
|
|
|
65 + 11 months |
99.4 |
|
|
|
|
Age 66 |
100.0 % |
|
|
|
|
. |
||||
|
If you |
Wage Earner, your Age 66 Retirement Benefit will be INCREASED to |
percentage Increase |
@ 65K Annual Earning Level |
Per Month (forever, until death) Due to Late Retirement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
When you reach age 70, your monthly benefit stops
increasing even if you continue to delay taking
benefits. |
|||
|
. |
||||
|
140 - 450 |
100 |
70 |
70 |
70 |
|
Benefits Penalty - When Receiving Benefits While Working While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age. |
|||
|
|
|
|
. |
|
Age |
Limit |
|
|
|
|
|
earned above $12,960 |
Early retirement |
|
|
. |
||
|
|
|||
|
|
|||
|
turn 66 |
|
earned above $34,440 |
Pre-birthday |
|
|
|
Post-birthday |
|
|
until Death |
No reduction in benefits due to income received from working. |
||
|
. |
|
||
|
140 |
90 |
120 |
100 |
Vaughn's Summaries ©2007, 2012 Vaughn Aubuchon www.vaughns-1-pagers.com All Rights Reserved |
|
|
was last updated on 2012-07-11. |