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Economics Summaries
Social Security

U.S. Social Security Retirement
Estimated Monthly Payments Chart

Here is a table which provides a quick estimate
of your expected Monthly Social Security
retirement benefits payment.


These retirement benefit estimates were compiled by me from the official Social Security Administration website. Use this as a guide only - each individual's situation is different. This SSA chart is intended for quick general estimates only.

Table 1. Estimated Monthly Payment
Table 2. Early Retirement Penalties
Table 3. Work Earnings Penalty

30

390 - 450

30

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Table 1.
Estimated Social Security Retirement Benefit Monthly Payment
based upon
Estimated Recent Average Annual Income

.
Estimated Recent Average Annual Income
.
Retirement
Age
$5K
$15K
$25K
$35K
$45K
$55K
$65K
$75K
$85K
$95K
105K
115K
125K
150
and
Up
Age 62
(early retire)
199
530
671
813
954
1,095
1,236
1,378
1,444
1,511
1,575
1,628
1,668
1,714
Age 66
(full benefits)
263
673
860
1,048 
1,235
1,422
*1,609
1,745
1,833
1,920
1,998
2,060
2,106
2,162
Age 70
(delayed retire)
377
921
1,190
1,458
1,727
1,996
 2,253
2,379
2,505
 2,631
2,728
2,802
2,854
2,929

.

1. The numbers in the Table above are in current U.S. whole dollars.
2. In Table 1. above, the "Retirement Ages" apply to those born between 1943 and 1954.
3. This benefits table does not take into account any disability benefits that you may be entitled to.
4. *1,609 ($65K income level) = This amount is used in the early retirement penalties example below.

100 - 768

48

48

48

48

48

48

48

48

48

48

48

48

48

48


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Table 2.
Early Retirement - Benefit Penalty
How Your Social Security Benefit is Reduced
(Full Benefits example = $1,609 per month)

If you
START getting benefits at age =

And you are the
Wage Earner, the Retirement Benefit you will receive is REDUCED to

Penalty
percentage
Example Monthly Payment
@ 65K
Annual
Earning
Level
Dollars Lost Per Month (forever, until death)
Due to Early Retirement

62

 75.0%

- 25%
$1,207
- $ 402

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

- 22.5 %
$ 1,247
- $ 362

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 %

- 20%
$1,287
- $ 322

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

- 16.7 %
$ 1,340
- $ 269

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 %

- 13.3 %
$ 1,395
- $ 214

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

- 10.0 %
$ 1,448
- $ 161

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 %

- 6.7%
$ 1,501
- $ 108

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

- 3.3 %
$ 1,556
- $ 53

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 %

Full benefits
$1,609
No Penalty

.
For every year that you delay applying for your retirement benefits, your monthly benefit payment will be increased ...

If you
START getting benefits at age =

And you are the
Wage Earner, your Age 66 Retirement Benefit will be INCREASED to
Benefit
percentage
Increase
Example Monthly Payment
@ 65K
Annual
Earning
Level
Dollars Gained
Per Month (forever, until death)
Due to Late Retirement
Age 67
108%
? + 8%
$ 1,737
+ $ 128
Age 68
116%
? + 16%
$ 1,866
+ $ 257
Age 69
124%
? + 24%
$ 1,995
+ $ 386
Age 70
132%
? + 32%
$ 2,124
+ $ 515

When you reach age 70, your monthly benefit stops increasing even if you continue to delay taking benefits.
The numbers above are ESTIMATES.

.

.

140 - 450

100

70

70

70


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Table 3.
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.
If you start getting benefits at
Your work earnings limit is (...)
Beyond which your monthly benefit is reduced by

.

Retirement
Age
Earnings
Limit
Dollars Reduction
Note
Age 62
$12,960
$1 of every $2
earned above
$12,960

Early retirement

Age 63

.

Age 64
Age 65
Year you
turn 66
$34,440
$1 of every $3
earned above
$34,440

Pre-birthday

none
none

Post-birthday

Age 66
until Death

No reduction in benefits due to income received from working.

.

Numbers are in U.S. dollars

140

90

120

100


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Disclaimer
The author is not perfect, and errors can occur. I compiled the SSA site retirement benefits data above. Please check any questioned data for yourself, by visiting the official SSA Website.
This Fast estimated Social Security payment summary is a quick guide only. Determine your own personal, detailed monthly payment estimate at the official government website.




Vaughn's Summaries
©2007, 2012 Vaughn Aubuchon
www.vaughns-1-pagers.com
All Rights Reserved
This Vaughns Quick SSA Retirement Benefit Estimator Chart
was last updated on 2012-07-11.