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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 ...
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.
You can claim benefits as early as 62, but this is before your full retirement age when your standard benefit becomes available. Full retirement age (FRA) depends on birth year and is: Full ...
The difference in claiming early versus waiting is magnified when you qualify for the maximum possible benefit. ... Retirement Age. 62. 67. 70. Maximum monthly benefit. $2,831. $4,043. $5,108.
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
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.
You can start getting Social Security retirement benefits when you turn 62 years old, the earliest age when they're available. However, there are downsides to starting benefits at such a young age.
By claiming as early as possible at age 62, your benefits will be permanently reduced by up to 30%. ... a whopping 21% of U.S. adults age 50 and older have no other retirement income outside of ...
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