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How much you will get in Social Security if you make $40,000 and take your benefits before or after your full retirement age

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How the age you retire changes your Social Security benefits on a $40,000...

Waiting until you are 70 to collect Social Security benefits could translate to tens of thousands of dollars a year in your pocket when you need it most.

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. Your benefits go up or down based on how many months before or after your full retirement age you take your benefits. The increases stop when you turn 70 so there's no point in waiting longer than that to cash out.

Check out this video to see a case study of someone who turns 62 in 2020 and made $40,000 every year over the course of their career.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.