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Benefits Increase by: Full Retirement Age (FRA) of 66. Full Retirement Age (FRA) of 67. 5/12 of 1% per month (5% per year) From 62 to 63. From 62 to 64
Only then can you realize how important your claiming age is, and what impact an early (age 62), middle-ground (age 67), or late (age 70) collection approach can have on your monthly 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 ...
On the other hand, waiting a bit longer to take Social Security can have a big impact. If you're entitled to the average retirement benefit of $1,316 at age 62, waiting until you turn 63 would ...
Age 62 is the earliest you can claim benefits, 67 is most people's full retirement age, and 70 is when monthly benefits stop increasing if you delay claiming them past your full retirement age.
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually. Of course, if you've earned ...
Retirement Age: 62 Years Old. If people born after 1960 claim their benefits the month they turn 62, they’ll get only 70% of what they would have received had they waited until the full ...
Image source: The Motley Fool. Filing any earlier than your FRA will permanently reduce your monthly benefit. If you have an FRA of 67 and claim at 62, your payments will be cut by 30% for life.