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What Percentage Of All Retirees Receive The Maximum Age 70 Benefit?
What percentage of all retirees are receiving the age 70 max of $3770/month benefit?
Hi,
I don't know the answer to that question, but only around 4% of people wait until age 70 to claim their benefits and I'm sure that only a low percentage of those individuals paid the maximum amount of Social Security taxes in every year leading up to when they turned age 70. So, I think it's safe to conclude that no more than around 1% of all Social Security recipients actually receive the maximum possible age 70 rate.
I should point out, though, the there is no actual 'maximum' Social Security benefit. Benefit rates can be recalculated following any year in which a person has Social Security covered earnings, so a person could keep working until they're over 100 years old and potentially continue to increase their benefit rate every year.
Best, Jerry