"Once you retire, there's a good chance you'll need your monthly Social Security income to manage your senior living costs. And even if you end up with a large pile of savings, the extra money from Social Security can still be a nice thing. For this reason, it's important to know what to expect from Social Security - and how much the program might pay you."
"However, you're allowed to sign up for Social Security as early as age 62. For each month you claim Social Security ahead of FRA, your monthly benefit gets reduced, though. On the other hand, if you delay your Social Security claim past FRA, your monthly benefit increases for each month you wait. You can keep on boosting that benefit until you turn 70."
Maximum Social Security monthly benefit in 2026 is $5,181, while the average monthly benefit among retirees in January 2026 is about $2,071. Benefits are calculated from the 35 highest-paid years of earnings, with earlier wages indexed for inflation. Claiming age affects the amount: claiming at full retirement age (FRA) yields the full benefit, and FRA is 67 for those born in 1960 or later. Claiming as early as 62 reduces monthly benefits for each month claimed before FRA. Delaying past FRA increases benefits for each month delayed up until age 70.
Read at 24/7 Wall St.
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