Why Is the Maximum Social Security Benefit Higher if You Retire at 70?
In 2021, the maximum Social Security benefit is $2,324 if you retire at the age of 62. If you retire at full retirement age (FRA), however, the maximum benefit goes up to $3,148. And if you retire at the age of 70, the maximum benefit is much higher at $3,895.
So, why are there different maximum Social Security benefits? The reason is simple.
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Source Fool.com
