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This could quickly become the most-popular of all claiming ages, given that age 67 is the full retirement age for anyone born in or after 1960 (i.e., most of today's workforce).
That makes their full retirement age 66 and 2 months. As a result, they'll get an even bigger boost to their PIA by delaying benefits. Here's how the maximum monthly benefit looks at 62, 67, and ...
Full retirement age, full benefit As of the end of December 2023, the average monthly Social Security benefit for retired workers aged 67 was $1,883.50. This amounts to $22,602 per year.
For most people reading this (those born in 1960 or later), full retirement age for the purpose of Social Security benefits is 67 years old. The short answer is that the average 67-year-old ...
This age varies by birth year, but it's age 67 for everyone born in 1960 or later. Those born before 1960 will have a FRA of either 66 or 66 and a few months. Social Security full retirement age ...
Claiming Social Security at 62 would reduce your monthly PIA by 30%; delaying benefits until 70 would increase it by roughly 24% (assuming your full retirement age is 67).
Image source: The Motley Fool. Age 67 is key because it's the full retirement age for most new Social Security claimers.Some folks born before 1960 may be waiting to claim benefits and have an ...
67. While the full retirement age used to be 65, changes to the program have increased that age. ... Retirement age. New benefit (percentage of full benefit) A $1,000 check becomes. 66 + 6 months ...