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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.
If you sign up at age 62 instead, your monthly benefit shrinks to $1,400. But by roughly age 78 1/2, you're breaking even, coming away with $278,000 and change in total benefits to date.
Turning 62 is a big milestone. For many, it marks the end of a decades-long career. It also signals eligibility for Social Security benefits, a primary source of income for a lot of retirees.
According to the Social Security Administration, the earliest you can be eligible to receive benefits is 62 years of age — but you must be 62 for the entire month.
The question of when to apply for Social Security benefits runs much deeper than following a simple timeline, however. If you claim your benefits early, at age 62, you’re locking in a permanent ...
The earliest you can claim Social Security benefits is age 62. In 2021, about 29 percent of newly retired workers claimed their retirement benefits at age 62, according to the Congressional ...
In the middle of that eight-year window is your full retirement age (FRA), otherwise known as the age when you can claim your complete monthly Social Security benefit without a reduction. FRA is ...
For example, if you are eligible to collect a reduced $900 benefit at age 62 plus 1 month, and your benefit would increase to $1,251 at age 65 and 10 months, your estimated break-even age is 75 ...
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related to: when to apply for social security benefits age 62