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The post Social Security Benefit Reduction for Early Retirement Chart appeared first on SmartReads by SmartAsset. ... John’s full retirement age is 67, when he’ll be eligible for $2,000 per ...
The chart below details the relationship between birth year and full retirement age. It also shows the benefit (as a percentage of the PIA) retired workers will receive if they start Social ...
The average person who claims Social Security early gets just over $20,000 per year in inflation-protected retirement income. The average person who doesn't claim early gets $27,720 per year ...
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.
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
For instance, if a recipient turns age 62 in 2017, their benefit will be approximately 25.8 percent lower than it would have been at full retirement age of 66 and 2 months. [4] In contrast, recipients are rewarded through delayed retirement credits if Social Security benefits are claimed after full retirement.
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