I will only have worked for about 20 years between the age of 23 and 62, and I checked the social security website, and it says:
Retire at age 62: monthly benefit is about $1860
Retire at age 67: about $3020
But I wonder how come it is almost double if it is 5 years later. Could it be due to working 5 extra years? (that is, between working 20 years or 25 years. I am putting in the future estimate I will be making about $200,000 each year).
If I had worked every single year since age 23, or worked 25 years, then would that mean at age 62, I could get $3000 each month?
(The estimator only allows me to do future retirement age calculations but not past years estimates, unless if there is another place I didn't catch that can let me put in numbers for the past)