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By claiming at the age of 62, a hypothetical $1000 retirement benefit would be reduced by 25% and you would only receive $750 per month. A $500 monthly spousal benefit would be reduced to $350.
Data source: Social Security Administration. What's the average Social Security benefit at ages 62, 67, and 70? Although every age within the traditional collection range of 62 through 70 has its ...
Initially collecting retired-worker benefits as early as possible (age 62) or with a middle-ground approach (age 67) can lead to notable differences in average monthly and lifetime benefits.
There aren't many social programs in the U.S. that have had as much of a positive impact as Social Security retirement benefits. For most recipients, it's a well-earned benefit after years of ...
Age 62: The prime reason age 62 is so popular is because retired workers don't need to wait any longer to get their hands on their monthly check. There's also the possibility of sweeping benefit ...
The average benefit at age 70 is around $2,038 per month -- a whopping $740 more per month than the average at 62. If money is going to be tight in retirement, delaying claiming can make your ...
Among male benefit recipients in that same year, almost half (49.3%) started their benefits before their FRA; among female benefit recipients, the proportion of early claimants was even higher: 51.8%.
The earliest you can claim Social Security benefits is 62, but doing so could reduce your monthly benefit by up to 30% (for those whose full retirement age is 67). That said, many people would ...