If you were born in 1958, 2025 is a milestone year. You’ll be turning 67, which marks your full retirement age (FRA) for Social Security benefits. This means you’re eligible to claim your full Social Security retirement benefit without reductions for early claiming. Many individuals in your age group are evaluating when to start collecting benefits and how to maximize their lifetime income. Comparing the maximum Social Security benefit available if you’re born in 1958 — and how waiting past your FRA could increase your monthly payments — can help you make a decision about when it makes sense for you to retire.
You can also work with a financial advisor to make sure your Social Security strategy aligns with your broader retirement plans.
Maximum Social Security Benefit – A Breakdown
- Claiming at Age 68 (2026): Approximately $4,339 per month
- Claiming at Age 69 (2027): Approximately $4,686 per month
- Claiming at Age 70 (2028): Approximately $5,060 per month
These numbers assume you earned the maximum taxable income throughout your career and waited until each respective birthday to claim. In general, claiming earlier than 67 would reduce your benefits, while waiting until 70 would maximize them.
How Social Security Benefits Are Calculated
Social Security benefits are based on your highest 35 years of earnings, adjusted for inflation. Here’s a simplified overview of what goes into the calculation:
- Average Indexed Monthly Earnings (AIME): The SSA adjusts your past earnings for inflation, then averages your highest 35 years of earnings to find your AIME.
- Primary Insurance Amount (PIA): Your AIME is plugged into a formula with three “bend points” to calculate your monthly benefit.
- Adjustments: Your benefit is adjusted depending on when you claim — early claiming reduces it, delaying increases it.
Social Security and Cost of Living
Each year, the Cost-of-Living Adjustment (COLA) protects retirees against inflation by increasing Social Security benefits. COLAs are determined based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
For example, the COLA for 2024 was 3.2%, reflecting recent inflation trends. If inflation continues at a similar pace, you can expect your monthly benefits to grow slightly each year even after you start collecting them.
However, COLA increases can vary year to year. In some years, the adjustment is minimal or even zero.
Understanding Spousal Benefits
Your spouse may also be eligible for Social Security spousal benefits based on your earnings record. This can significantly boost your household retirement income, especially if your spouse had a lower lifetime income or did not work outside the home.
- A spouse can receive up to 50% of the higher-earning spouse’s full retirement age (FRA) benefit amount — not their delayed retirement amount.
- In this case, if you were born in 1958 and are eligible for the maximum FRA benefit of $4,018 in 2025, your spouse could receive up to $2,009 per month if they claim at their own full retirement age.
- Claiming Social Security earlier (as early as age 62) reduces the spousal benefit — potentially as low as 32.5% of your FRA benefit.
- Spousal benefits do not increase if the higher-earning spouse delays claiming beyond full retirement age.
For example, if you claim your full Social Security benefit at 67 in 2025 and your spouse also waits until their full retirement age to claim spousal benefits, together you could receive around $6,027 per month ($4,018 + $2,009) in Social Security income.
Keep in mind that if your spouse qualifies for their own retirement benefit and it’s higher than their spousal benefit, they will receive their own higher benefit amount instead.
Bottom Line
If you were born in 1958, turning 67 in 2025 puts you at a pivotal point for retirement planning. While the maximum Social Security benefit can provide a solid foundation for retirement income, most people won’t receive the maximum amount unless they’ve consistently earned high incomes. Deciding when to claim your Social Security benefits requires balancing immediate income needs with the advantages of delayed claiming.
Social Security Planning Tips
- A financial advisor can help you determine when is the best time to claim Social Security and manage other factors to maximize your benefits. A financial advisor can help you mitigate risk for your portfolio. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- SmartAsset’s Social Security calculator can help you estimate future monthly government benefits.
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