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The Social Security Administration wants to allow people the option to claim either early or late and ideally get around the same total amount of lifetime benefits.
Image source: Getty Images. 1. You reduce the size of your checks. The Social Security Administration allows you to claim checks at 62. But if you want the full benefit you've earned based on your ...
Social Security's full retirement age reflects the point at which people can claim their full benefits. It's going up in 2025. What to know about Social Security's full retirement age in 2025
An understanding of your FRA is critical in making your Social Security claiming choice because if you claim benefits before your full retirement age, you shrink the payments you receive ...
Specifically, someone with a full retirement age of 67 (born in 1960 or later) will reduce their benefit by 30% if they claim at age 62. That could mean hundreds of dollars per month for your spouse.
However, a full-time high school student can collect benefits until the age of 19. If a child is disabled from a condition that was present prior to the age of 22, they can collect benefits ...
Many millions of people claim their benefits too early and thereby leave trillions of dollars in potential total Social Security benefits on the table -- an average of $111,000 per household.
On the flipside, you can wait as long as age 70 to begin collecting Social Security benefits. In this case, the amount of your retirement benefit will continue to rise until age 70, when it maxes out.
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