Personal finance

How Much You Will Get in Social Security If You Make $50,000 and Wait Until 70 to Take Your Benefits

You may already be planning to collect Social Security in retirement, but did you know that if you wait a few years to claim those benefits, you can nearly double the size of your monthly check?

Benefits are based on your income, the year you were born and the age you decide to start taking money out. So timing is key.

You are first eligible to begin receiving your benefits at age 62, yet waiting until 70 could translate to tens of thousands of dollars a year in your pocket when you need it most.

Check out this video to see a case study of someone who turns 62 in 2020 and made $50,000 every year over the course of their career.

More from Invest in You:
How this couple paid off their $195,000 mortgage in under 4 years
The real 'Catch Me If You Can' con artist says this classic scam is making a comeback

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Copyright CNBC
Contact Us