Why Some Retirees Have a Maximum Social Security Benefit That's $1,830 Lower Than Others
Each year, Social Security has a maximum benefit it pays out to workers who are receiving retirement income. But this max benefit is not the same for all retirees.
In 2022, those who claim benefits at age 62 have a maximum benefit of just $2,364, while those who claim benefits at age 70 could see checks as high as $4,194.
This is a huge discrepancy, and it's helpful to understand why there is such a big difference in the maximum amount of money Social Security can provide to varying groups of retirees.
Source Fool.com
