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You must claim Social Security benefits at your full retirement age to get your standard benefit. Your full retirement age is based on your birth year. Early filing penalties or delayed retirement ...
Meanwhile, older Americans can also maximize their Social Security benefits by delaying claiming until they turn 70 years old. At that point, one's benefits are boosted about 25% higher than their ...
Claiming your children as dependents also opens you up to other deductions, such as for child care. Tax filers who adopted a child in 2022 also are eligible for a tax credit of up to $14,890.
Seniors may qualify for Social Security retirement benefits if they worked long enough to earn 40 credits (where one credit is defined as $1,810 in earnings in 2025), and you can earn a maximum of ...
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.
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.
You can get Social Security retirement benefits as early as age 62, but your benefits will be reduced vs. what they would be if you waited until full retirement age.
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related to: claiming brother as dependent on social security age for full benefits