Social Security: How Much will you Receive?

Social Security: How Much Will You Receive?
Social Security benefits are a major source of retirement income for most
people. When you begin taking Social Security greatly affects the size of
your benefit.
Your Social Security retirement benefit is based on the number of years
you’ve been working and the amount you’ve earned. When you become
entitled to retirement benefits at age 62, the Social Security
Administration (SSA) calculates your primary insurance amount (PIA),
upon which your retirement benefit will be based, using a formula that
takes into account your 35 highest earnings years. At your full retirement
age, you’ll be entitled to receive 100% of that amount. This is known as
your full retirement benefit.
What is your full retirement age?
Your full retirement age is 66 to 67, depending on your year of birth.
Once you know your full retirement age, you can decide whether you
want to receive a reduced benefit earlier (as early as age 62), a full
benefit at full retirement age, or an increased benefit by waiting beyond
your full retirement age to collect (you can delay benefits up until age
70).
If you were born in: Your full retirement age is:
1943-1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 or later 67
Note: If you were born on January 1 of any year, refer to the previous
year to determine your full retirement age.