You can start receiving your Social Security retirement benefits at age 66. In 2022, that’s the full retirement age (FRA) for some, depending on when you were born. This post will review what it means to collect Social Security at the FRA, including the maximum social security benefit at age 66 and how that compares to waiting until age 70. In addition, we will answer the question of whether you can work and continue to collect Social Security.
Table of Contents:
- What Is Social Security Full Retirement Age?
- What is the Average Retirement Age in the U.S.?
- How much Social Security will I get if I retire at age 66?
- What is the maximum Social Security benefit at age 66?
- What is the Average Social Security Benefits Amount in 2022?
- Can you collect Social Security at 66 and still work?
What Is Social Security Full Retirement Age?
Full retirement age, or FRA, is the age when you are entitled to 100 percent of your Social Security benefits.
Depending on the year you were more, your Social Security full retirement age is between age 65 and 67.
Claiming Social Security benefits before the full retirement age will lower your monthly payments.
You can increase your retirement benefits by waiting past your FRA to retire.
What is the Average Retirement Age in the U.S.?
According to CNBC, in 2000, the average age at which people retired was roughly 61 or 62.
However, in 2020, two decades later, it’s around 66.
This means that people are working longer and retiring later, closer to their Social Security Full Retirement Age.
How much Social Security will I get if I retire at age 66?
You can start receiving your Social Security retirement benefits as early as age 66.
In 2022, 66 and 2 months is the full retirement age (FRA) for people born in 1955, while 66 and 4 months is the FRA for people born in 1956.
Social Security at Age 66 and Beyond
The table below shows how much Social Security benefits you will receive if you start collecting benefits from age 66 or later.
| If you start getting benefits at age * | Multiply your Full Retirement Benefit by |
|---|---|
| 66 | 100% |
| 66 + 1 month | 100.7% |
| 66 + 2 months | 101.3% |
| 66 + 3 months | 102.0% |
| 66 + 4 months | 102.7% |
| 66 + 5 months | 103.3% |
| 66 + 6 months | 104.0% |
| 66 + 7 months | 104.7% |
| 66 + 8 months | 105.3% |
| 66 + 9 months | 106.0% |
| 66 + 10 months | 106.7% |
| 66 + 11 months | 107.3% |
| 67 | 108.0% |
| 67 + 1 month | 108.7% |
| 67 + 2 months | 109.3% |
| 67 + 3 months | 110.0% |
| 67 + 4 months | 110.7% |
| 67 + 5 months | 111.3% |
| 67 + 6 months | 112.0% |
| 67 + 7 months | 112.7% |
| 67 + 8 months | 113.3% |
| 67 + 9 months | 114.0% |
| 67 + 10 months | 114.7% |
| 67 + 11 months | 115.3% |
| 68 | 116.0% |
| 68 + 1 month | 116.7% |
| 68 + 2 months | 117.3% |
| 68 + 3 months | 118.0% |
| 68 + 4 months | 118.7% |
| 68 + 5 months | 119.3% |
| 68 + 6 months | 120.0% |
| 68 + 7 months | 120.7% |
| 68 + 8 months | 121.3% |
| 68 + 9 months | 122.0% |
| 68 + 10 months | 122.7% |
| 68 + 11 months | 123.3% |
| 69 | 124.0% |
| 69 + 1 month | 124.7% |
| 69 + 2 months | 125.3% |
| 69 + 3 months | 126.0% |
| 69 + 4 months | 126.7% |
| 69 + 5 months | 127.3% |
| 69 + 6 months | 128.0% |
| 69 + 7 months | 128.7% |
| 69 + 8 months | 129.3% |
| 69 + 9 months | 130.0% |
| 69 + 10 months | 130.7% |
| 69 + 11 months | 131.3% |
| 70 or later | 132.0% |
Should You Collect Social Security Early?
As you can see from the table above, if you wait and collect Social Security at age 66 in 2022, you will get 100% of the benefits you are eligible for.
However, if you start collecting at the earliest age of 62, your benefits will be permanently reduced between 20-25% depending on when you were born.
Also, if you wait until 67, you’ll get 108 percent of the monthly benefit because you delayed getting benefits for 12 months.
Additionally, if you wait until age 70, you’ll get 132 percent of the monthly benefit because you delayed getting benefits for 48 months.
What is the maximum Social Security benefit at age 66?
What is the highest Social Security check you can collect if you start receiving benefits at age 66?
In 2022, if you start collecting social security at age 66, which for some, is the new full/normal retirement age, the maximum Social Security benefit you can receive is $3,345 per month.
Also, If you retire at age 70 in 2022, your maximum benefit would be $4,194 or $50,328 for the year
What is the Average Social Security Benefits Amount in 2022?
The average Social Security retirement benefit amount for 2022 is $1,665.18 a month.
The maximum benefit is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA).
Here’s how the figures break down by recipient, as of March 2022.
| Type of beneficiary | Percent of total payouts | Average monthly benefit |
|---|---|---|
| All recipients | 100% | $1,536.94 |
| Retirement benefits | 77.0% | $1,618.29 |
| Retired workers | 72.7% | $1,665.18 |
| Survivor benefits | 9.0% | $1,325.68 |
| Nondisabled widow(er)s | 5.4% | $1,559.42 |
| Disability insurance | 14.0% | $1,224.53 |
| Disabled workers | 12.0% | $1,360.16 |
Can you collect Social Security at 66 and still work?
Yes. You can work while you receive Social Security retirement or survivors benefits.
When you reach your full retirement age, you can work and earn as much as you want and still get your full Social Security benefit payment.
However, if you start collecting benefits before your full retirement age, say at age 62, and if your earnings exceed the earnings limit, some of your benefit payments during the year will be withheld.
When you reach full retirement age, Social Security will pay you a higher monthly benefit.
Note that if you turn 62 in 2022, your full retirement age is 67.
Maximum Social Security benefit at age 66 Summary
Here’s the bottom line:
In 2022, if you start collecting social security at age 66, the maximum Social Security benefit you can receive is $3,345 per month.
This is compared with a maximum benefit of $3,345 at full retirement age.
Questions?
If you still have questions, you should leave a comment below.
However, what may be an even greater help is to join our FREE Facebook members group about Making Sense of Social Security Benefits.
It’s a very active group with some really smart people who love to answer any questions you may have about Social Security Benefits.
Also, from time to time, our team of editors drop in to contribute and answer questions.
Finally, be sure to check out our other articles about Social Security and Disability Benefits, including:
