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Suppose you were born on Jan. 1, 1960, and had an average annual income of $50,000. As of May 2023, you would get a monthly benefit of $1,386 if you filed for Social Security at 62; $1,980 at full retirement age (in this case, 67); or $2,455 at 70.

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Here's the starting benefit for each of those same final annual incomes, if you wait until age 70: Final pay of $80,000: benefit of $2,433 monthly, $29,196 yearly.

In 2023, the wage cap is $160,200, so income beyond that threshold isn't taxed. But to claim the maximum monthly Social Security benefit, your earnings must reach or exceed the wage cap for 35 years.

How Social Security benefits are calculated on a $60000 salary YouTube Start of suggested clip End of suggested clip Those numbers are straightforward figuring out how much you'll get back when you're ready to cashMoreThose numbers are straightforward figuring out how much you'll get back when you're ready to cash out is a different story let's say you'll turn 62 in 2020.

If your highest 35 years of indexed earnings averaged out to $100,000, your AIME would be roughly $8,333. If you add all three of these numbers together, you would arrive at a PIA of $2,893.11, which equates to about $34,717.32 of Social Security benefits per year at full retirement age.